ED Raids 8 Locations In Mumbai In Money Laundering Probe Linked To Drug Network | File Pic
The Enforcement Directorate (ED) has taken steps to expedite the resolution of companies under the Insolvency and Bankruptcy Code (IBC) by allowing the release of assets previously attached under the Prevention of Money Laundering Act (PMLA). The move is aimed at maximizing value for creditors, including banks and homebuyers, the central agency said on Wednesday.
In several insolvency cases, assets of corporate debtors remained under PMLA attachment, restricting their use in the resolution process. To address this challenge, the ED held multiple coordination meetings with the Insolvency and…