Undertaking by IPs before Special Courts under PMLA

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.... Insolvency Professional Entities All Registered Insolvency Professional Agencies (By email to registered email addresses and on the website of the IBBI) Subject - Undertaking by IPs before Special Courts under PMLA It has been observed that in certain cases under the Insolvency and Bankruptcy Code, 2016 (IBC), the assets of the corporate debtor are under attachment by the ....

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....ofessional along with the application for restitution of assets. The said undertaking is annexed hereto with this Circular. 4. This is issued in exercise of powers conferred under section 196 of the IBC. Yours faithfully, Sd/- (Rajesh Tiwari) General Manager   Annexure Undertaking by Insolvency Professional before the Special Court under PMLA [To be submitted by the....

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....2016. b) The restituted assets shall not be utilised directly or indirectly in any manner that benefits any person or entity named as an accused in, or charge-sheeted under, ECIR No. [_____] by the Enforcement Directorate (ED) or any relevant predicate agency on the basis of which the ED has initiated proceedings. 2. Periodic Reporting From the date of restitution until the approval of th....

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....end full cooperation to the ED during investigation, including: a) Providing details of Preferential, Undervalued, Fraudulent, or Extortionate (PUFE) transactions, as and when identified by me; b) Providing details of the Committee of Creditors, including its constitution and percentage voting shares; and c) Providing details of the Successful Resolution Applicant (SRA)/ Successful Bidder....