The case involves an application filed by the Interim Resolution Professional (IRP) of Mayfair Leisures Limited under Section 60(5) and 14 of the Insolvency and Bankruptcy Code (IBC), 2016, seeking the release of property attached by the Enforcement Directorate (ED). Mayfair Leisure Limited was admitted into the Corporate Insolvency Resolution Process (CIRP) on 02.06.2020. The ED had attached the corporate debtor's property under the Prevention of Money Laundering Act (PMLA), 2002, prior to the CIRP commencement. The IRP argues that the ED's attachment hinders his ability to take possession and dispose of the property. The ED contends that the attachment is related to a money laundering case involving Diamond Power Infrastructure Ltd. (DPIL) and that PMLA proceedings
…M/s. Mayfair Leisure Limited was admitted into Corporate Insolvency Resolution Process (CIRP) on 02.06.2020. The Bank of India filed the petition under section 7 of IBC. The Enforcement Directorate (ED) had attached the property of Mayfair Leisure Limited vide its provisional attachment order dated 24.04.2018, which was confirmed by the Hon'ble PMLA Appellate Tribunal. The ED's action was based on a money laundering case recorded under ECIR/AMZO/03/2018 dated 05.04.2018, related to FIR no. 0292018A0006 filed by the CBI against M/s. Diamond Power Infrastructure Ltd. (DPIL) and its directors. DPIL allegedly diverted funds received as loan/cash to related parties, including Mayfair Leisures Ltd., and utilized these funds for real estate business. The ED traced immovable
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Mayfair Leisure Limited admitted into Corporate…
Enforcement Directorate…
The case involves an application filed by the Interim Resolution Professional (IRP) of Mayfair Leisures Limited under Section 60(5) and 14 of the Insolvency and Bankruptcy Code (IBC), 2016, seeking the release of property attached by the Enforcement Directorate (ED). Mayfair Leisure Limited was admitted into the Corporate Insolvency Resolution Process (CIRP) on 02.06.2020. The ED had attached the corporate debtor's property under the Prevention of Money Laundering Act (PMLA), 2002, prior to the CIRP commencement. The IRP argues that the ED's attachment hinders his ability to take possession and dispose of the property. The ED contends that the attachment is related to a money laundering case involving Diamond Power Infrastructure Ltd. (DPIL) and that PMLA proceedings
…M/s. Mayfair Leisure Limited was admitted into Corporate Insolvency Resolution Process (CIRP) on 02.06.2020. The Bank of India filed the petition under section 7 of IBC. The Enforcement Directorate (ED) had attached the property of Mayfair Leisure Limited vide its provisional attachment order dated 24.04.2018, which was confirmed by the Hon'ble PMLA Appellate Tribunal. The ED's action was based on a money laundering case recorded under ECIR/AMZO/03/2018 dated 05.04.2018, related to FIR no. 0292018A0006 filed by the CBI against M/s. Diamond Power Infrastructure Ltd. (DPIL) and its directors. DPIL allegedly diverted funds received as loan/cash to related parties, including Mayfair Leisures Ltd., and utilized these funds for real estate business. The ED traced immovable
…Mayfair Leisure Limited admitted into Corporate…
Enforcement Directorate…