Supreme Court directs Lodha Developers to deposit Rs 520.8 crore for vacation of ED attachment
The Supreme Courtroom on Wednesday directed Lodha Builders, which acquired V Lodges Restricted by means of an insolvency course of, to deposit Rs 520.8 crore inside 4 weeks to vacate the Enforcement Directorate’s attachment of land parcels value Rs 4,000 crore.
The Apex Courtroom handed the decision on a petition filed by the nationwide company, difficult the Bombay Excessive Courtroom order that quashed ED’s cash laundering case towards V Lodges and put aside the provisional attachment of 12 of its properties in Mumbai.
The matter pertained to the motion taken by ED towards V Lodges, proprietor of Tulip Star, previously often called the enduring Centaur Lodge in Juhu. The company had provisionally hooked up properties throughout Juhu and Malad in April 2025, after V Lodges underwent company insolvency decision.
ED claimed that the hooked up land and immovable belongings have been linked to alleged proceeds of crime, regardless of a change in possession following a decision plan authorised below the Insolvency and Chapter Code (IBC).
The Bombay Excessive Courtroom had quashed the ED’s proceedings in November 2023 on the grounds that when the decision plan was authorised below the IBC and a change within the firm’s administration was efficient, the property of the company debtor would additionally get immunity from additional prosecution of proceedings.
The ED’s attachment, both provisionally or in any other case, couldn’t proceed even for a day longer after the approval of the decision plan, it famous.
On April 26, 2023, the Nationwide Firm Regulation Tribunal (NCLT) authorised the company insolvency decision plan for V Lodges. The Lodha Group, previously often called Macrotech Builders, acquired V Lodges by paying Rs 520 crore for the properties. Nonetheless, ED maintained that the belongings represented proceeds of crime and must be hooked up within the new kind as effectively.
