New Delhi: The Insolvency and Bankruptcy Board of India (IBBI) is developing an inter-agency mechanism to improve the identification and recovery of funds and assets linked to fraudulent and suspicious transactions in corporate insolvency cases. The proposed framework is expected to facilitate faster and more coordinated sharing of information among the Ministry of Corporate Affairs (MCA), Reserve Bank of India (RBI), banks and the Enforcement Directorate (ED).
According to sources, a mechanism could be introduced within the next four to five months. The proposed system is aimed at providing Resolution Professionals (RPs) with better access to financial information, banking records and asset-related data during insolvency proceedings….