New Delhi: The National Company Law Tribunal (NCLT), on 3 February, terminated Alchemist Limited’s insolvency proceedings, observing that the committee of creditors (CoC) remained dominated by the same group of entities that were the alleged conduits and beneficiaries of the proceeds of crime of the firm, which operates pharma, agri, and hospitality businesses.
Former Rajya Sabha MP Kanwar Deep Singh founded and headed the Alchemist group of companies. He transitioned to the role of chairman emeritus in 2012 to focus on politics. His son, Karan Deep Singh, serves as the director of some of the group companies now.
The NCLT terminated the insolvency proceedings Tuesday at the Enforcement Directorate’s request. The ED has been…