New Delhi: The Directorate of Enforcement (ED) has restored 354 seized flats and several commercial units of a bankrupt real estate developer, Udaipur Entertainment World Pvt. Ltd, to the successful acquirer of the company, marking the resolution of legal complexities in the revival of an insolvent company entangled in money laundering investigations.

ED said in a statement on Tuesday that the restitution of properties worth ₹ 175 crore, which include 17 commercial units, will ultimately benefit the genuine homebuyers who had purchased units in the Royal Rajvilas project in Udaipur.

Mint had reported on 16 September that ED has set a new protocol for smooth operation of the Prevention of Money Laundering Act (PMLA) and the Insolvency and Bankruptcy Code (IBC) .

Legal resolution

ED

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