Vipin Upadhyay Shares Expert Insights on IBBI’s Latest Circular in Business Standard

Vipin Upadhyay, Partner at King Stubb & Kasiva, recently shared his expert views in a Business Standard article analyzing the Insolvency and Bankruptcy Board of India’s (IBBI) latest circular aimed at harmonizing the interface between insolvency proceedings under the Insolvency and Bankruptcy Code (IBC) and parallel actions under the Prevention of Money Laundering Act (PMLA).

Commenting on the development, Vipin stated, “The IBBI’s latest circular marks a significant step toward bridging the long-standing friction between insolvency proceedings under the IBC and parallel actions under the PMLA. By introducing a standard undertaking and formalising cooperation between Insolvency Professionals (IPs) and the Enforcement Directorate, it creates a more structured pathway for seeking restitution of attached assets, potentially unlocking substantial value for creditors and resolution applicants.”

He further added that while the initiative is a welcome move towards better coordination and legal clarity, “its success will depend on how promptly Special Courts act on such applications, and how consistently the ED and IPs coordinate in practice. Operational clarity and inter-agency responsiveness will ultimately determine its true effectiveness.”

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