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(v) In compliance with the statutory mandate, the IRP published public announcements on 06.01.2018 in The Financial Express (English) and on 07.01.2018 in Jansatta (Hindi). These announcements formally declared the commencement of CIRP and called upon all creditors of Dunar Foods Ltd. to submit their claims within the prescribed time.

(vi) Meanwhile, the Directorate of Enforcement (ED), under the Ministry of Finance, Government of India, had initiated investigation under the Prevention of Money Laundering Act, 2002 (PMLA) against M/s PD Agroprocessors Pvt. Ltd., which is associate company of Dunar Foods Ltd. And traced the flow of alleged tainted funds to the Corporate Debtor. The ED registered ECIR No. ECIR/14/MZO/2013/PD AGRO/1733 based on scheduled offences under the Indian Penal Code and Foreign Exchange Management Act (FEMA), alleging that large export advances received by Dunar Foods Ltd. from PD Agroprocessors Pvt. Ltd. were proceeds of crime.

(ix) On 16.02.2018, in view of the deadlock, the RP filed Miscellaneous Application No. 129 of 2018 before the NCLT, Mumbai Bench, under Section 60(5) of the IBC. The application sought, inter alia, (a) quash the provisional attachment order dated 26.12.2017 being PAO No. 122017 in F.No. ECIR/14/MZO/2013/PD Agro/1733, and (b) a direction to the Directorate of Enforcement to recall the provisional attachment order against the assets of the Corporate Debtor during the CIRP or till the time moratorium is in effect.

54. Further, in 'Varrsana Ispat Ltd. v. ED (Company Appeal (AT) (Ins.) No. 493 of 2018), this Appellate Tribunal held that if attachment under PMLA is based on prior ECIRs and is duly confirmed under PMLA provisions, then such action cannot be interfered with by the IBC forum merely because CIRP is ongoing.

In the present case, while the PAO was passed a few days after CIRP admission, the ECIR investigation commenced as far back as 2013. The ED's proceedings were therefore rooted in pre-existing criminal investigation processes, and the assets involved were allegedly acquired as proceeds of money laundering taking them outside the regular asset pool as contemplated under IBC.

61. The PMLA is a criminal law designed to trace, attach, and confiscate proceeds of crime. Essentially it provides for:

 Investigation under ECIRs (equivalent to FIRs);  Attachment under Section 5;
 Adjudication and confirmation by a specialized authority; Company Appeal (AT) (Ins.) No. 389 of 2018  Appeal to an Appellate Tribunal;
 Confiscation to the Central Government if offences are proved.

62. The IBC, by contrast, is a commercial and economic legislation that essentially provides for: