The Indian Institute of Corporate Affairs (IICA), Manesar, conducted a session under its 'Meet the Legend' programme for the 8th Post Graduate Insolvency Programme (PGIP) cohort on September 20, 2026. The lecture focused on 'PMLA–IBC Interface: Emerging Bonhomie' and was delivered by Mr. Balesh Kumar, Hon'ble Member of the Appellate Tribunal (PMLA, FEMA, PBPTA, NDPSA and SAFEMA), Government of India.
Mr. Gyaneshwar Kumar Singh, Director General & CEO of IICA, emphasized the importance of strengthening the interface between the Insolvency and Bankruptcy Code (IBC), 2016 and the Prevention of Money Laundering Act (PMLA), 2002. He specifically highlighted Section 32A of the IBC, noting that despite its precise drafting, harmonized implementation continues to face practical challenges.
Mr. Kumar provided an extensive overview of the PMLA framework, explaining the three stages of money laundering: Placement, Layering, and Integration. He discussed the relevance of hawala transactions in financial investigations and covered key provisions including Sections 3, 4, 5, 8, 44, and 45 of PMLA, illustrating their practical implications through judicial precedents.
The session placed special focus on the PMLA-IBC interface, particularly addressing the complexities that arise when corporate debtor assets face attachment under PMLA during ongoing insolvency resolution proceedings. The evolving judicial approach towards harmonizing insolvency objectives with anti-money laundering enforcement requirements was explained in detail to the PGIP participants.
The program reinforced the need for a multidisciplinary understanding of insolvency law, financial investigation techniques, asset tracing methodologies, and regulatory enforcement mechanisms. The 'Meet the Legend' programme continues to connect participants with eminent members of the judiciary, tribunals, regulators, and the corporate ecosystem.