New Delhi: The Indian Institute of Corporate Affairs organised a Meet the Legend session for the seventh cohort of its Post Graduate Insolvency Programme, focusing on the legal interplay between GST, the Insolvency and Bankruptcy Code and anti-money laundering laws.
The three-hour masterclass took place at the IICA campus in Manesar. It featured judicial experts J.P. Singh, Judicial Member of the GST Appellate Tribunal, and Balesh Kumar, Member of the Appellate Tribunal dealing with PMLA and related laws.
J.P. Singh explained the structure of the Goods and Services Tax framework and its interaction with insolvency proceedings under the Insolvency and Bankruptcy Code, 2016. He revisited key GST concepts including supply, consideration, taxable events, input tax credit and reverse charge mechanisms.
He also referred to important judicial rulings such as Swiss Ribbons Pvt. Ltd. v. Union of India and Ghanashyam Mishra & Sons Pvt. Ltd. v. Edelweiss Asset Reconstruction Co. Ltd. According to these rulings, once a resolution plan receives approval, claims not included in the plan, including statutory dues, stand extinguished.
Meet the Legend session discusses PMLA–IBC legal challenges
Balesh Kumar addressed the interaction between the Insolvency and Bankruptcy Code and the Prevention of Money Laundering Act. He explained the concept of “proceeds of crime” and described the three stages of money laundering: placement, layering and integration.
The session also examined jurisdictional issues between the National Company Law Tribunal and authorities under the PMLA. These challenges often arise when enforcement agencies attach assets belonging to companies undergoing corporate insolvency resolution.
Kumar highlighted Section 32A of the Insolvency and Bankruptcy Code, which aims to protect the resolution process and ensure continuity of corporate operations. He referred to judicial developments including Manish Kumar v. Union of India while explaining evolving legal interpretations.
Participants engaged in discussions on cross-statutory challenges frequently faced by insolvency professionals. The session emphasised the need to understand the convergence of taxation, insolvency and enforcement laws for effective resolution outcomes.
Sudhaker Shukla, Head of the Centre for PGIP, delivered the vote of thanks. He appreciated the speakers for sharing practical insights with the participants.
Officials said the Meet the Legend session reflects IICA’s commitment to academic excellence and professional capacity building by connecting students with leading judicial and regulatory experts.
