India, Nov. 6 -- In a relief to the cheated home buyers and banks, the Enforcement Directorate (ED) and the Insolvency and Bankruptcy Board of India (IBBI) have come out with a circular to safeguard the interests by restoring the attached assets.
Assets of bankrupt companies and their promoters attached by the Enforcement Directorate, under the anti-money laundering law, will now be restored to the affected parties, such as banks or home buyers, following the finalisation of a new standard operating procedure, said ED on Wednesday.
The IBBI issued a circular in this context on November 4, following "multiple rounds" of coordination meetings between its officials and the investigators of the ED.
Currently, in several insolvency cases, the...