Representative image NEW DELHI: Insolvency and Bankruptcy Board of India (IBBI) has cancelled the registration of resolution professional Chandra Prakash Jain after an ED investigation into at least 10 corporate insolvency resolution processes (CIRPs) linked to Reliance Commercial Finance Ltd (RCFL) pointed to an alleged nexus among parties involved in the insolvency proceedings.The probe showed Jain had ignored “substantial financial red flags, interconnected transactions, auditor qualifications, missing records, low realisations, non-cooperation and the SEBI order” and failed to exercise the degree of due diligence required.Acting on the ED report, which was based on evidence seized during the searches conducted on actors and entities linked to Reliance Commercial Finance Limited, the IBBI said “the IBC (Insolvency and Bankruptcy Code) framework was being misused as a tool of tax avoidance, corporate restructuring with mala fide objectives, money laundering, etc.”The IBBI mentioned analyses of 10 CIRPs where Jain was the resolution professional and where the creditors, put together, got Rs 30 lakh against admitted claims totalling Rs 1,433 crore. The successful resolution applicant was Micro Capital Private Ltd. There was no comment from Reliance Anil Ambani Group.Get the latest India news and live updates. Download the TOI App.End of ArticleFollow Us On Social MediaVideos’I Will Bow At Every Door’: Narottam Mishra Gets Emotional, Chokes Up At BJP’s Datia Bypoll Rally“Putin Pays Close Attention To PM Modi”: Poland Highlights India’s Global Power Amid Global CrisesBengal Government Backs Airport Mosque Relocation, Cites Security And Runway Expansion NeedsSuvendu Govt Replaces Mamata’s ‘Khela Hobey Divas’ With ‘Ayushman Divas’Man Claiming To Be Ex-US Navy Officer Held At India-Nepal Border Without Travel Documents’I Am Not Gandhiji’: Kerala Double Murder Convict Shows No Remorse In CourtUS Inmate Matthew Aaron VanDyke Seeks Special Diet, Cooking Permission Inside Tihar JailMission $500 Billion: India, US Push To Deepen Trade Ties As Deal Nears CompletionMission $500 Billion: India, US Push To Deepen Trade Ties As Deal Nears CompletionCDS To Present Theatre Command Roadmap As India Moves Closer To Military Reforms123PhotostoriesFrom opening up about problems in their married life and his battle with anxiety to Yuvika’s emotional breakdown: Prince Narula and Yuvika Chaudhary get candid5 signs you’re not in love; it’s obsessionWhy you can still cringe over something you said 10 years ago… but forget why you walked into the kitchen just seconds laterJanhvi Kapoor’s 24K gold corset to black embroidered lehenga is wedding guest fashion at its boldest10 beautiful baby names that symbolise new life and fresh beginningsAkshay Kumar’s go-to high-protein snack at 58 is packed with fiber and contains no chilliJuly New Moon 2026: Affirmations for your birth dateDo your knees hurt before it rains? Here’s why osteoarthritis pain gets worse during the monsoon, according to doctorsPigeons taking over your balcony? 7 Humane ways to keep them away without causing harmFrom grey saree elegance to embroidered sharara glam: Alia Bhatt masters two bridesmaid looks at Akansha Ranjan Kapoor’s wedding123Hot PicksWWE Raw PreviewRajasthan PG admissionsSouth China SeaITR filingNepal protestLucknow-Kanpur ExpresswayEPFO amnesty schemeTaylor Swift and Travis KelceE20 petrol newsTop TrendingSamantha BuschMadurai AccidentITR filingFIFA World Cup 2026Karnataka Pakistani ArrestedGhaziabad Mall Rape MurderDelhi MurderTG TET 2026 resultGurgaon EncounterIran war

Representative image NEW DELHI: Insolvency and Bankruptcy Board of India (IBBI) has cancelled the registration of resolution professional Chandra Prakash Jain after an ED investigation into at least 10 corporate insolvency resolution processes (CIRPs) linked to Reliance Commercial Finance Ltd (RCFL) pointed to an alleged nexus among parties involved in the insolvency proceedings.The probe showed Jain had ignored “substantial financial red flags, interconnected transactions, auditor qualifications, missing records, low realisations, non-cooperation and the SEBI order” and failed to exercise the degree of due diligence required.Acting on the ED report, which was based on evidence seized during the searches conducted on actors and entities linked to Reliance Commercial Finance Limited, the IBBI said “the IBC (Insolvency and Bankruptcy Code) framework was being misused as a tool of tax avoidance, corporate restructuring with mala fide objectives, money laundering, etc.”The IBBI mentioned analyses of 10 CIRPs where Jain was the resolution professional and where the creditors, put together, got Rs 30 lakh against admitted claims totalling Rs 1,433 crore. The successful resolution applicant was Micro Capital Private Ltd. There was no comment from Reliance Anil Ambani Group.Get the latest India news and live updates. Download the TOI App.End of ArticleFollow Us On Social MediaVideos’I Will Bow At Every Door’: Narottam Mishra Gets Emotional, Chokes Up At BJP’s Datia Bypoll Rally“Putin Pays Close Attention To PM Modi”: Poland Highlights India’s Global Power Amid Global CrisesBengal Government Backs Airport Mosque Relocation, Cites Security And Runway Expansion NeedsSuvendu Govt Replaces Mamata’s ‘Khela Hobey Divas’ With ‘Ayushman Divas’Man Claiming To Be Ex-US Navy Officer Held At India-Nepal Border Without Travel Documents’I Am Not Gandhiji’: Kerala Double Murder Convict Shows No Remorse In CourtUS Inmate Matthew Aaron VanDyke Seeks Special Diet, Cooking Permission Inside Tihar JailMission 0 Billion: India, US Push To Deepen Trade Ties As Deal Nears CompletionMission 0 Billion: India, US Push To Deepen Trade Ties As Deal Nears CompletionCDS To Present Theatre Command Roadmap As India Moves Closer To Military Reforms123PhotostoriesFrom opening up about problems in their married life and his battle with anxiety to Yuvika’s emotional breakdown: Prince Narula and Yuvika Chaudhary get candid5 signs you’re not in love; it’s obsessionWhy you can still cringe over something you said 10 years ago… but forget why you walked into the kitchen just seconds laterJanhvi Kapoor’s 24K gold corset to black embroidered lehenga is wedding guest fashion at its boldest10 beautiful baby names that symbolise new life and fresh beginningsAkshay Kumar’s go-to high-protein snack at 58 is packed with fiber and contains no chilliJuly New Moon 2026: Affirmations for your birth dateDo your knees hurt before it rains? Here’s why osteoarthritis pain gets worse during the monsoon, according to doctorsPigeons taking over your balcony? 7 Humane ways to keep them away without causing harmFrom grey saree elegance to embroidered sharara glam: Alia Bhatt masters two bridesmaid looks at Akansha Ranjan Kapoor’s wedding123Hot PicksWWE Raw PreviewRajasthan PG admissionsSouth China SeaITR filingNepal protestLucknow-Kanpur ExpresswayEPFO amnesty schemeTaylor Swift and Travis KelceE20 petrol newsTop TrendingSamantha BuschMadurai AccidentITR filingFIFA World Cup 2026Karnataka Pakistani ArrestedGhaziabad Mall Rape MurderDelhi MurderTG TET 2026 resultGurgaon EncounterIran war


ED: IBC norms misused for laundering in RCFL cases

NEW DELHI: Insolvency and Bankruptcy Board of India (IBBI) has cancelled the registration of resolution professional Chandra Prakash Jain after an ED investigation into at least 10 corporate insolvency resolution processes (CIRPs) linked to Reliance Commercial Finance Ltd (RCFL) pointed to an alleged nexus among parties involved in the insolvency proceedings.The probe showed Jain had ignored “substantial financial red flags, interconnected transactions, auditor qualifications, missing records, low realisations, non-cooperation and the SEBI order” and failed to exercise the degree of due diligence required.Acting on the ED report, which was based on evidence seized during the searches conducted on actors and entities linked to Reliance Commercial Finance Limited, the IBBI said “the IBC (Insolvency and Bankruptcy Code) framework was being misused as a tool of tax avoidance, corporate restructuring with mala fide objectives, money laundering, etc.”The IBBI mentioned analyses of 10 CIRPs where Jain was the resolution professional and where the creditors, put together, got Rs 30 lakh against admitted claims totalling Rs 1,433 crore. The successful resolution applicant was Micro Capital Private Ltd. There was no comment from Reliance Anil Ambani Group.



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