SARFAESI, RDBA, IBC do not prevail over PMLA, to be enforced in harmony: Delhi HC

Aditi Singh April 3 2019
foreign contribution

The Delhi High Court has held that banking legislation and the Insolvency and Bankruptcy Code, 2016 (IBC) do not prevail over the Prevention of Money Laundering Act, 2002 (PMLA) when it comes to attachment of properties obtained as "proceeds of crime".

The Recovery of Debts Due to Banks and Financial Institutions Act, 1993 (RDBA), The Securitisation and Reconstruction of Financial Assets and Enforcement of Securities Interest Act, 2002 (SARFAESI Act) and the IBC should instead be enforced in harmony with the PMLA, the Court held.

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