The Prevention of Money Laundering Act, 2002 (“PMLA”), was enacted to prevent money-laundering and to provide for confiscation of property derived from, or involved in, money-laundering and for matters connected therewith or incidental thereto, whereas the Insolvency and Bankruptcy Code, 2016 (“IBC”), was promulgated with a view to consolidate and amend the laws relating to reorganization and insolvency resolution of corporate persons in a time bound manner, for maximization of value of assets of such persons, to promote entrepreneurship, availability of credit and balance of the interests of all stakeholders.
Source: Barandbench
