Directorate of Enforcement (ED) has secured a significant judicial outcome, as the Hon’ble National Company Law Tribunal (NCLT), New Delhi, vide its order dated 03.02.2026, recalled the Corporate Insolvency Resolution Process (CIRP) initiated against M/s Alchemist Limited, upon holding that the insolvency proceedings were vitiated by fraud, collusion, and malicious intent. The Hon’ble Tribunal recalled the CIRP, lifted the moratorium as declared under Section 14 of IBC, 2016 and nullified the appointment of the Resolution Professional and all the actions taken by the Resolution Professional consequent to his appointment. On the gross abuse of the process of law the Court imposed a penalty of Rs 5 Lakh in the hands of the Operational Creditor, Sai Tech Medicare Private Limited. The order of Hon’ble NCLT reaffirms the settled legal position that PMLA proceedings and insolvency proceedings operate in distinct fields, and that the insolvency framework cannot be mis-used to defeat criminal law, confiscation, or investor restitution.