IBC misuse, rigging of bids before NCLT under scanner
Central agencies are scrutinizing the Insolvency and Bankruptcy Code (IBC) process for alleged rigging and misuse. The ED arrested Amit Katyal, Lalu Prasad Yadav's aide, in a real estate fraud case involving undervalued land sales and bid manipulation. Investigations reveal collusion between bank officials, resolution professionals, and buyers, leading to significant financial irregularities.
Central agencies are scrutinizing the Insolvency and Bankruptcy Code (IBC) process for alleged rigging and misuse. The ED arrested Amit Katyal, Lalu Prasad Yadav's aide, in a real estate fraud case involving undervalued land sales and bid manipulation. Investigations reveal collusion between bank officials, resolution professionals, and buyers, leading to significant financial irregularities.
