New Delhi, Feb 5 In a relief to the ED, the National Company Law Tribunal (NCLT), New Delhi, has recalled the Corporate Insolvency Resolution Process (CIRP) initiated against M/s Alchemist Limited, holding that the insolvency proceedings were vitiated by fraud, collusion and malicious intent, a statement said on Thursday.
The order was pronounced on Wednesday, with the Tribunal exercising its powers under Section 65 of the Insolvency and Bankruptcy Code (IBC), 2016.
The NCLT categorically held that the insolvency framework cannot be misused as a shield to legitimise proceeds of crime or frustrate proceedings under the Prevention of Money Laundering Act (PMLA), 2002.
The ED initiated its probe against M/s Alchemist Limited under the…