New Delhi, Nov 21 (PTI) The Enforcement Directorate on Friday claimed to have unearthed a case where the Insolvency and Bankruptcy Code (IBC) process was “misused” in the land sale of an insolvent real estate company.
It said Rs 50 lakh in cash was seized during raids from a lawyer practising at the NCLT and another person.
The federal probe agency said in a statement that it conducted searches on Thursday in Delhi and Gurugram as part of a probe against a company named Universal Build Well Pvt. Ltd. and its promoters for non-completion of real estate projects and for “cheating” homebuyers and investors.
The company was undergoing a corporate insolvency resolution process, and the National Company Law Tribunal…
Insolvency Guardian
Insolvency Services & Bankruptcy Advice
