ED Operational Creditor under IBC for assets acquired through proceeds of crime, NCLAT expresses prima facie view

ED Operational Creditor under IBC for assets acquired through proceeds of crime, NCLAT expresses prima facie view
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The NCLAT yesterday expressed its prima facie view that if the assets seized by the Enforcement Directorate are finally held to be purchased out of the ‘proceeds of crime’, the amount which is generated from such assets would come within the meaning of ‘Operational Debt’ under the Insolvency and Bankruptcy Code, 2016.

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