NCLT recalls order awarding Alchemist to ‘sister concern’

2026-02-05 - 23:15

The withdrawal of the corporate resolution order by NCLT, a rare occurrence, happened after Enforcement Directorate approached the Delhi bench with evidence of money laundering by the group and how the promoters had allegedly created a front entity with “proceeds of crime”, making it a financial creditor with 97% voting rights to grab the firm under insolvency proceedings.