ED facilitates restitution of assets to applicant

The Enforcement Directorate (ED) has facilitated the restitution of assets, earlier attached by the agency in connection with a probe allegedly involving Cox & Kings Limited and others, to the Successful Resolution Applicant (SRA).

Through an order dated November 11, 2025, the Supreme Court, based on consent given by the ED, restored the said deposit to Lodha Developers Limited under the provisions of Section 8(8) of the Prevention of Money Laundering Act, an official of the agency said.

“The Hon’ble Supreme Court placed on record its appreciation for the earnest efforts made by the officers of the Directorate of Enforcement in restoring the attached properties to secure the interests of justice,” the official said.

Investigations had revealed that Cox & Kings Ltd. and its promoters allegedly siphoned off about ₹4,100 crore from public sector banks, according to the agency. From that amount, ₹1,066 crore was transferred to V Hotels Ltd., of which ₹520.80 crore remained outstanding.

“To recover the proceeds of crime, the ED attached the immovable properties standing in the name of V Hotels Ltd. to the tune of ₹520.80 crore. In the meantime, V Hotels Ltd. underwent the Corporate Insolvency Resolution Process before the NCLT (National Company Law Tribunal), and Macrotech Developers Ltd. (now Lodha Developers Ltd.) was approved as the SRA vide an order dated April 26, 2024,” the official said.

Based on the NCLT order, the official added, the Bombay High Court quashed the attachment made by the ED, and a Special Leave Petition was therefore filed by the agency before the Supreme Court.

“…the apex court, based on the consent given by the Directorate of Enforcement, restituted the said deposit to the SRA, that is, Lodha Developers…,” the official said.