Will address IBC-PMLA conflict soon: IBBI chief

Panda to head select panel reviewing Insolvency Bill

- MANU KAUSHIK

THE INSOLVENCY AND Bankruptcy Board of India (IBBI) is preparing a new set of regulations that will take into account the various previous Supreme Court judgments on the insolvency matters, and also the practical challenges faced during the resolution process.

According to IBBI chairperson Ravi Mital, the clash between the IBC and the Prevention of Money Laundering Act (PMLA) is one of the problem areas to be resolved.

“We face issues in some cases. We had discussions with the Enforcement Directorate (ED),andwe have nowarrivedat a solution. It will be good for both ED and IBC. We will maintain the sanctity of both laws, and try to resolve issues. In a month or so, we should be able to issue a circular to solve this problem,”he said on Wednesday.