Difference between The Indian Bankruptcy Code (IBC) 2016 and the Prevention of Money Laundering Act (PMLA) 2002 on the matter of (Jurisdiction)
The Prevention of Money Laundering Act (PMLA) is an effective tool for combating financial crimes. However, a practical approach is essential, particularly when assets are secured by banks and insolvency proceedings are underway under the Insolvency and Bankruptcy Code (IBC). When banks have genuine claims, prioritizing orderly insolvency resolution under the IBC benefits the public. …