Insolvent companies may get back assets attached by ED

EXPERTS SAID THAT the circular guides IPs on the protocol to be adopted in cases where assets of the corporate debtor are attached under the PMLA.

- 

“This is a positive step to harmonise the operation of the IBC and PMLA and strengthens IBBI's objective of faster value maximisation during the pendency of the Corporate Insolvency Resolution Process (CIRP).The mechanism is likely to result in reducing litigation and in parallel providing transparency to the ED and courts on the treatment and disposal of the assets being restituted,” said Prateek Kumar, partner at Khaitan & Co.