Supreme Court of India directs CBI and Enforcement Directorate to probe ADAG IBC settlements
CBI and ED investigators must open a joint probe into ADAG IBC settlements
Change
Supreme Court of India has ordered the Central Bureau of Investigation (CBI) and the Enforcement Directorate (ED) to jointly investigate alleged underpriced settlements in Insolvency and Bankruptcy Code (IBC) proceedings where debts totalling Rs 2,983 crore were resolved for Rs 26 crore.
Why it matters
The Court's direction binds the Central Bureau of Investigation and the Enforcement Directorate to coordinate inquiries and to unearth alleged illegalities in how the IBC settlements were concluded. The Court noted that eight Non-Banking Finance Companies facilitated the acquisitions under 'Project Help' and ordered those entities' transactions to be examined within the joint investigation.
Implications
- — CBI and Enforcement Directorate investigative teams must immediately open a coordinated joint investigation into the IBC settlements and the eight Non-Banking Finance Companies linked to 'Project Help' — failure to commence the joint probe will invite further judicial enforcement measures.
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