Restitution of ED-attached assets: IPs must file an undertaking setting use limits, reporting, disclosures, and ED cooperation. In cases where Enforcement Directorate attachment affects corporate debtor assets, Insolvency Professionals should apply under sections 8(7) or 8(8) of PMLA and file the prescribed Undertaking. The Undertaking bars sale or use of restituted assets to ineligible or accused parties, mandates quarterly reports to the Special Court on asset status, monetisation and distributions, requires disclosure of attached properties in Information Memoranda/auction notices, and commits the IP to cooperate with the ED, including document production (with protections for commercially sensitive materials) until approval of a resolution plan or dissolution order.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Restitution of ED-attached assets: IPs must file an undertaking setting use limits, reporting, disclosures, and ED cooperation.
In cases where Enforcement Directorate attachment affects corporate debtor assets, Insolvency Professionals should apply under sections 8(7) or 8(8) of PMLA and file the prescribed Undertaking. The Undertaking bars sale or use of restituted assets to ineligible or accused parties, mandates quarterly reports to the Special Court on asset status, monetisation and distributions, requires disclosure of attached properties in Information Memoranda/auction notices, and commits the IP to cooperate with the ED, including document production (with protections for commercially sensitive materials) until approval of a resolution plan or dissolution order.
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