NCLT Recalls Alchemist Insolvency Proceedings Following ED's Money Laundering Probe

The National Company Law Tribunal (NCLT) has recalled the Corporate Insolvency Resolution Process (CIRP) against Alchemist Limited, citing fraud, collusion, and malicious intent as found by the Enforcement Directorate (ED). The ED's investigation into alleged money laundering involving over ₹1,840 crore revealed that the Committee of Creditors (CoC) was dominated by Alchemist group entities accused of benefiting from proceeds of crime. The NCLT noted that such control undermines the insolvency framework and could shield illicit transactions, prompting the recall under Section 65 of the Insolvency and Bankruptcy Code.