New Delhi: The National Company Law Tribunal (NCLT), New Delhi, has recalled the Corporate Insolvency Resolution Process (CIRP) initiated against M/s Alchemist Limited, upon holding that the insolvency proceedings were vitiated by fraud, collusion, and malicious intent.
The Tribunal passed the order (on February 3) after the Enforcement Directorate (ED), which is probing money laundering charges involving the Alchemist group in an alleged ₹1,842-crore scandal, intervened in the matter.
In a press statement the federal agency said that the NCLT, exercising its powers under Section 65 of the Insolvency and Bankruptcy Code, 2016 (IBC), has categorically held that the insolvency framework cannot be misused as a shield to legitimize…