New Delhi’s financial regulators scored a decisive win as NCLT scrapped Alchemist Group’s insolvency resolution on February 3. The decision unraveled a sophisticated conspiracy to clean tainted funds and dodge ED’s asset freezes.
Alchemist entities lured investors with dreams of lucrative real estate, pocketing more than ₹1,840 crore. Promises of villas and plots evaporated, with cash diverted via inter-corporate loans to the flagship Alchemist Limited. No returns, no properties—just losses for victims.
Since 2021, ED has filed multiple complaints, seizing ₹492.72 crore. Sai Tech Medicare triggered CIRP, but the creditor panel was a sham: Alchemist affiliates controlled 97% votes through Technology Parks Limited and others, all implicated in laundering probes.
The plot? Use insolvency to unlock seized assets via IBC’s Section 32A immunity and sideline PMLA actions. Insider Gaurav Mishra’s role as RP screamed bias, and ED’s exclusion screamed foul play.
The tribunal didn’t mince words. Labeling the process abusive, it wielded IBC Section 65 to cancel everything—moratorium, RP powers, the works. Sai Tech copped a ₹5 lakh penalty.
‘Beneficial laws like IBC aren’t shields for criminals,’ NCLT declared. This verdict clarifies IBC-PMLA boundaries, ensuring parallel enforcement. Investors breathe easier, and regulators gain momentum in curbing white-collar scams.