Delhi HC Orders Release of Seized Property as ED Investigation Exceeds 365 Days Without Proceedings

Mahender Kumar Khandelwal Vs Directorate of Enforcement & Anr. (Delhi High Court) Delhi High Court held that investigation for a period beyond 365 days not resulting in any proceedings relating to any offence under the Act, in terms of Section 8(3) of the PMLA Act, is that such seizure lapses. Thus, property so seized directed to be released. Facts- The petitioner was appointed as the Interim Resolution Professional (IRP) for the Corporate Insolvency Resolution Process of M/s Bhushan Power and Steel Ltd. (BPSL). The petitioner claims that on 19th and 20th August, 2020, the respondent carri...