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The NCLAT, Principal Bench, New Delhi in Value Wise Consultancy Private Limited v. The Deputy Director, Directorate of Enforcement & Ors. [Company Appeal (AT) (Ins) No. 1226 and 1227 of 2022] dismissed an appeal wherein the central question was of prevalence of PMLA over IBC. The tribunal upheld the adjudicating authority’s decision in allowing the Enforcement Directorate to attach the assets of the corporate debtor during the moratorium period clamed under Section 14 of the Code and during liquidation process in the context of Section 33(5). Further, the Tribunal held that the PMLA and IBC operate in distinct fields and pursue different objectives. While the IBC seeks to maximise value for creditors through insolvency resolution, the PMLA serves the larger public purpose of tracing, attaching, and confiscating proceeds of crime. The Tribunal observed that the IBC cannot be used to shield illegally acquired assets or legitimise proceeds of crime. Consequently, the moratorium under Sections 14 and 33(5) protects only legitimate assets of the corporate debtor and does not bar enforcement actions concerning tainted assets under the PMLA. Challenges to ED’s actions under the PMLA cannot be adjudicated NCLT or NCLAT and must go through the adjudicatory process under the PMLA.