The National Company Law Appellate Tribunal (NCLAT), Principal Bench, New Delhi, has upheld the Enforcement Directorate’s (ED) provisional attachment of the respondent’s properties and bank accounts made prior to the initiation of insolvency proceedings.
The dispute arose from the resolution process of Alchemist Infra Realty Ltd., a real estate company incorporated in 2008.
The Enforcement Directorate (ED) had provisionally attached the company’s properties and accounts on 24 January 2019 under Section 5 of the Prevention of Money Laundering Act (PMLA), following a complaint by SEBI alleging offences under the SEBI Act, 1992. The Delhi High Court, in February 2019, directed maintenance of the status quo over the…