Delhi High Court Ruling on Coal Block Allocation
The Delhi High Court has ruled that a coal block allocation letter constitutes property under the Prevention of Money Laundering Act (PMLA).
The evolution of Intellectual Property laws now comprehends rights such as copyrights, trademarks, design rights, patents, licenses, digital assets and contractual entitlements, all of which are firmly recognised as valuable forms of property within the framework of common law.
This decision overturns a previous single-judge judgment from July 2022, which stated that the mere allocation of a coal block cannot be considered proceeds of crime under the PMLA.
- The case involves Prakash Industries Limited (PIL) challenging a provision attachment order (PAO) issued by the Enforcement Directorate (ED).
- The order was placed for confirmation before the Adjudicating Authority (AA), which issued notices to the companies.
The proceedings were challenged before the High Court, leading to the current ruling.
Author's summary: Court rules coal block allocation as property under PMLA.