The regulator advises insolvency professionals to file...

The regulator advises insolvency professionals to file applications under the PMLA for restitution of assets attached by enforcement authorities in insolvency matters and prescribes a standard undertaking to accompany such applications. The undertaking bars sale, transfer or use of restituted assets to disqualified persons or those benefiting accused/charge-sheeted parties, requires quarterly reports to the Special Court on asset status, use and disposals, mandates disclosure of attached properties in information memoranda/auction notices, and obliges cooperation with investigators (including provision of PUFE transaction details, creditor committee and successful bidder information). Non-commercial documents must be produced on request; commercially sensitive materials require written acknowledgement of sensitivity. Obligations run until plan approval or dissolution.