Mumbai: In a significant development, a special PMLA on 25 June (Prevention of Money Laundering Act) court Infrastructure Leasing and Financial Services Limited (IL&FS), 952 crore attached by the Enforcement Directorate (ED) in a money laundering case against its group companies and affiliated institutions. Property – Wadraj Cement Limited’s Surat – Appeared Plant – Nuvoko Wistas Corporation Limited will be restored, which has handled the Defect Company through a resolution process.
The agency’s Mumbai Zonal Office launched an investigation under the PML Act under the PML Act under the PML Act and received the income (POC) for their alleged involvement in the generation and the income (POC) of crime.
During the investigation, it was discovered that Wadraj Cement Limited (formerly ABG Cement Limited), a group of ABG, had taken advantage of financial assistance from IL & FS Financial Services Limited (IFIN), which was later declared as a non-demonstration property, stated by the agency’s sources. Investigation established that loan amount He said that 952 crore was acquired by fraud and he was identified as POC.
Accordingly, in the immovable properties of Wadraj Cement Limited, its cement plant was included in Surat, on January 21, 2020, provided by Ed. The attachment was confirmed by the Assistant Authority on 5 August 2021. A prosecution complaint or charge sheet in the case of money laundering was also put at stake before the special PMLA court.
According to ED sources, Punjab National Bank Wadraj was the leading lender of Cement Limited. 2,122 crores. Other key lenders of the Definth Cement Company include Union Bank ( 1,620 crores), Overseas Bank of India ( 1,419 crore), Central Bank of India ( 1,391 crore) and Jessie Flower Crade ( 677 crores).
Subsequently, M/S Nuvoko Wistas Corporation Limited, Nirma Group Assistant Company and Insolvency and Insolvency Code, 2016 (IBC), filed an application before the Special PML Court seeking the implementation of a resolution plan appointed by the National Company Law Tribunal, Mumbai.
Under the scheme approved by NCLT, Nuvoco Vistas Corporation will pay LTD 1,706 crore to the financial creditors of Wadraj Cement in lieu of the acquisition of the deformed company. Keeping in mind the intention of PMLA or to restore or restore the POC, ED did not object to the special court to release the property associated with Bonafide legitimate claimants.
Based on the NOC of the ED, on 25 June, the Special Court passed an order to restore the immovable properties attached to the Bonafide claimants – NUVOCO Vistas Corporation Ltd, which is subject to filing an undertaking to return or restore the property or its value, as directed in future. The court has also directed Ed to prepare a detailed list of property before handing over the successful resolution applicant to his possession.
