Solicitor General tells SC that ED recovered Rs 23,000 crore laundered money and returned it to fraud victims. CJI responds with sharp remarks on prolonged trials and media narratives.
The Supreme Court of India annulled JSW Steel’s ₹19,700 crore resolution plan for Bhushan Power and Steel, declaring it illegal due to violation of Insolvency and Bankruptcy Code norms. The court ordered BPSL’s liquidation, emphasizing that delays and non-compliance undermine the IBC’s objectives, despite previous approvals by NCLT and NCLAT.
Finance Minister Nirmala Sitharaman reported in the Lok Sabha that the Enforcement Directorate (ED) has recovered Rs 22,280 crore in illicit assets, aiding public sector banks and defrauded investors. Key recoveries include Rs 14,132 crore from Vijay Mallya and Rs 1,053 crore from Nirav Modi. The government remains committed to combating economic offenses.
The Principal District and Sessions Judge at Rouse Avenue Court dismissed a plea to transfer the Bhushan Power and Steel money laundering case based on a judge’s alleged bias remark. The Delhi High Court supported this decision, stating the remark did not prove bias. As a result, the case was reassigned to Judge Kumar.
The Delhi High Court ruled that property seized under the Prevention of Money-Laundering Act must be returned within 365 days if no prosecution complaint is filed. This reinforces the balance between law enforcement and individual rights. The decision reflects a cautious approach towards the exercise of power by enforcement agencies, emphasizing respect for the rule of law.
