ED Seizes ₹50 Lakh Cash Over IBC Misuse in Land Sale Case
NEW DELHI: On Friday, the Enforcement Directorate revealed an incident involving the misuse of the Insolvency and Bankruptcy Code (IBC) in the land sale of an insolvent real estate firm. During recent raids, Rs 50 lakh in cash was confiscated from a lawyer at the NCLT and another individual. The federal agency stated it conducted searches on Thursday in Delhi and Gurugram as part of an investigation into Universal Build Well Pvt. Ltd. and its promoters, concerning unfinished real estate projects and alleged fraud against homebuyers and investors. The company was in a corporate insolvency resolution process. The National Company…