MUMBAI: The Bombay High Court quashed an Enforcement Directorate (ED) case under the Prevention of Money Laundering Act (PMLA) filed against V Hotels, owner of Tulip Star, formerly the iconic Centaur Hotel in Juhu, and its April attachment of the hotel’s 12 properties across Juhu and Malad, Mumbai. A day before a bankruptcy court approved a builder’s acquisition of the debtor, V Hotels Ltd, the ED sought to provisionally attach the properties.
The High Court, in a recent judgment, held that once a resolution plan is approved under the Insolvency and Bankruptcy Code (IBC) and a change in the company’s management is effective, the property of the corporate debtor would also get immunity from further prosecution of proceedings. Once…
