The Indian Institute of Corporate Affairs (IICA), Manesar, under its ‘Meet the Legend’ programme, recently hosted an engaging session for the 8th Post Graduate Insolvency Programme (PGIP) cohort. The lecture on “PMLA–IBC Interface: Emerging Bonhomie” was delivered by Mr. Balesh Kumar, Hon’ble Member, Appellate Tribunal (PMLA, FEMA, PBPTA, NDPSA and SAFEMA), Government of India. 

Welcoming the dignitary, Mr. Gyaneshwar Kumar Singh, Director General & CEO, IICA, emphasised the importance of strengthening the interface between the Insolvency and Bankruptcy Code (IBC), 2016 and the Prevention of Money Laundering Act (PMLA), 2002. He highlighted Section 32A of the IBC, noting that despite its precise drafting, harmonised implementation continues to face challenges. 

 

Mr. Kumar provided an extensive overview of the PMLA framework, explaining the stages of money laundering—Placement, Layering and Integration—and the relevance of hawala transactions in financial investigations. He discussed key provisions including Sections 3, 4, 5, 8, 44 and 45, illustrating their practical implications through judicial precedents. 

 

Special focus was placed on the PMLA–IBC interface, particularly the complexities when corporate debtor assets face attachment under PMLA during insolvency resolution. The evolving judicial approach towards harmonising insolvency objectives with anti-money laundering enforcement was explained in detail. 

 

The session reinforced the need for a multidisciplinary understanding of insolvency law, financial investigation, asset tracing and regulatory enforcement. The ‘Meet the Legend’ programme continues to enrich PGIP participants by connecting them directly with eminent members of the judiciary, tribunals, regulators and the corporate ecosystem.

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SR/ONP

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