{"id":298042,"date":"2019-10-26T10:47:39","date_gmt":"2019-10-26T05:17:39","guid":{"rendered":"http:\/\/infralive.com\/web\/?p=298042"},"modified":"2019-10-26T10:57:14","modified_gmt":"2019-10-26T05:27:14","slug":"lenders-wary-of-using-ibc-after-ed-attaches-bhushan-power-assets-under-pmla","status":"publish","type":"post","link":"https:\/\/infralive.com\/web\/lenders-wary-of-using-ibc-after-ed-attaches-bhushan-power-assets-under-pmla\/","title":{"rendered":"Lenders wary of using IBC after ED attaches Bhushan Power assets under PMLA"},"content":{"rendered":"<p>The attachment of Bhushan Power &amp; Steel&#8217;s (BPSL&#8217;s) assets by the Enforcement Directorate (ED), has made lenders wary of taking the Insolvency and Bankruptcy Code (IBC) route for debt resolution. <\/p>\n<p>&#8220;As bankers, we are all concerned about the implication of the Prevention of Money Laundering Act (PMLA) on IBC. It would be very difficult to arrive at a resolution under the IBC and this will derail the entire process. For smaller cases, we are not keen on taking companies through the IBC route and waiting indefinitely for resolution,&#8221; said Ashok Kumar Pradhan, managing director and chief executive officer of United Bank of India (UBI).<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The attachment of Bhushan Power &amp; Steel&#8217;s (BPSL&#8217;s) assets by the Enforcement Directorate (ED), has made lenders wary of taking the Insolvency and Bankruptcy Code (IBC) route for debt resolution. &#8220;As bankers, we are all concerned about the implication of the Prevention of Money Laundering Act (PMLA) on IBC. It would be very difficult to arrive at a resolution under the IBC and this will derail the entire process. For smaller cases, we are not keen on taking companies through the IBC route and waiting indefinitely for resolution,&#8221; said Ashok Kumar Pradhan, managing director and chief executive officer of United [&hellip;]<\/p>\n","protected":false},"author":40,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[135,130,232],"tags":[],"class_list":["post-298042","post","type-post","status-publish","format-standard","hentry","category-business-standard-newspapers","category-newspapers","category-power-business-standard-newspapers"],"acf":[],"_links":{"self":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts\/298042","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/users\/40"}],"replies":[{"embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/comments?post=298042"}],"version-history":[{"count":0,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts\/298042\/revisions"}],"wp:attachment":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/media?parent=298042"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/categories?post=298042"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/tags?post=298042"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}