Mr. Ajit Pal Saini (APS), a former national player of hockey, has been a part of the Indian national team for four world cups and many other championships and tournaments. He led the squad for a decade and made the nation proud with the world cup title. APS is popular amongst the lovers of sports for his style of play as an offensive striker at the center-forward position. After announcing retirement from hockey at the professional level, APS came back to tri-city (Chandigarh, Panchkula, and SAS Nagar (Mohali) to settle down where APS booked a penthouse in a project of Imperial Residency Ltd. facing Sukhna Lake. In the meantime, he took a house on lease from Mr. Satinder Pal. Although the list price of the apartment was 1.15 crores, however, Imperial Residency Ltd., has a policy to honor defense staff and national/international sports professionals, by offering them a price equal to the cost; hence discount was promised to APS. As per the data furnished to the relevant authorities, the cost of an apartment is expected to be 95 lakhs. Although a local friend of APS cautioned him about the bad reputation of Imperial Residency Ltd. for bad delivery or delayed possession. But the family of APS liked the location and sample apartment shown to them and APS also liked the location and was convinced with the price offered to him; hence, he booked the flat by making a down payment of 10 lakhs as application cum advance money on 31st August 2018, as per the terms settled with Imperial Residency Ltd. and its Standard Operating Procedures (SOPs). Receipt of such down payment of 10 lakhs was duly provided to APS. On 4th September 2018, a written agreement to sell was entered between APS and Imperial Residency Ltd., containing the expected date of completion of construction (first week of August 2019) and possession date (1st September 2019) respectively, apart from the time-line for payments of balance cost. The legal obligations and rights of both parties are also mentioned therein. Imperial Residency Ltd. started the construction in full swing, but after a few weeks the pace of construction work declined sharply and the timelines of the construction plan were missed out. The expected date of possession extended to 1st November 2019 but was not fulfilled. In the month of January 2020, an association of allottees (of flats and apartments in the project of Imperial Residency Ltd.) was formed to which APS also joined as a member. Association wrote many a times complaints to the management of Imperial Residency Ltd., but neither they nor their complaints were responded to. In March 2020, a complaint was filed with the respective States RERA Authority by the Association invoking the rights given under section 18 read with section 19 (4) of the Real Estate (Regulation and Development) Act, 2016 (RERA), seeking a refund of the amount paid, along with simple interest at the rate of 18% p.a. till the date of refund and compensation formental agony because of failure of Imperial Residency Ltd. to give possession of the apartments and flats, in accordance with the terms of agreement for sale. The Authority as per section 37 of the aforementioned Act, directed the Imperial Residency Ltd. to execute the registered agreement for sale in favour of the members of such Association. After such direction (decision) was given by the Authority, APS, being interested in getting the refund of money along with the interest and compensation filed a complaint in an individual capacity to the respective State RERA Authority. In the month of May 2019, to enjoy summer vacation and to view live matches of ice-hockey at IIHF World Championship, APS along with his family visited Slovakia from 10th May to 26th May. After returning back to India, APS got engaged in coaching the club activities, which he developed in a form of an academy during the winters of 2018. APSs grandfather migrated to Jalandhar from Sialkot after the great partition during the times of independence. At Sialkot, his grandfather had a shop of sports material that was famous for its hockey sticks. The family started the same business at Jalandhar. As the sports of hockey, football and cricket became popular, the business grew multifold. The father of APS, who studied law as a profession during his college times, brought corporate touch to the business by incorporating a company named ALFA Sports Limited (ASL) which was engaged in the manufacturing of wide products of various sports. But due to stiff competition from international manufacturers and lack of infrastructure to sports goods manufacturers in the state, ASL became unprofitable and faced a cash crunch. ASL was unable to serve its debt due to which one of its financial creditor moved to NCLT with an application for initiation of Corporate Insolvency Resolution Process (CIRP) and suggested the name of CA G. S. Sikka (A qualified insolvency professional), to be appointed as an interim resolution professional on the first day of March 2020. On 12th March 2020, the Adjudicating Authority after ascertaining the existence of default accepted the application as well as appointed CA G. S. Sikka as the Interim Resolution Professional on the same day. The first meeting of the Committee of Creditors (CoC) was held on 28th March 2020 where a simple majority of financial creditors (with infraction margins), approved the appointment of CA Naveen Sood as Resolution Professional, who is also a qualified insolvency professional. On 31st August 2019, while placing the payment receipt of the deposit (which he paid to Imperial Residency Ltd.) in the cash locker he identified some of the foreign currency notes lying there in excess of USD 2,000, which remained unspent during his trip to Slovakia in May 2019. He immediately collected all the foreign currency notes and got it surrendered on 3rd September 2019. On 4th September 2020, the Deputy Director along with the team from the office of Enforcement Directorate with an authority letter in this regard, reached the present resident of APS to arrest Mr. Satinder Pal (Landlord of APS). APS informed the Officials of ED that Mr. Satinder Pal had shifted to Australia and the house is given to them on rent. Office of Enforcement Directorate passed the order of attachment of said residential house, despite the fact that Enforcement Directorate was not having any sound evidence indicating the direct application of proceeds of crime involved in the procurement of said house. But they were under the belief that such a house has been acquired (by Mr. Satinder Pal) as a result of criminal activity relatable to the scheduled offence under the Prevention of Money-Laundering Act, 2002 in which Mr. Satinder Pal was involved. They formed this belief based upon the information available to them, from one of the reporting entities under section 12 of the Prevention of Money-Laundering Act, 2002. The house was acquired 12 years ago by Mr. Satinder Pal. Due to experience in the business of sports manufacturing and having a deep understanding of the relevant legal frameworks, the father of APS was appointed as a director of Impax Sports Limited (ISL) which deals in the manufacturing and trading of sports goods through its retail chains across the Nation. For the purpose of diversification, ISL is considering the acquisition of Life-Care Wellness Limited (LCWL), a chain of fitness clubs and gyms. None of the business functions are common between the two companies, because one is a manufacturing entity whereas the other is a service provider. Both the companies are Indian companies with operations, in India only. The proposed entity after acquisition meets the criteria of combination as specified under section 5 of the Competition Act 2002. Management of ISL is of view that notice to competition commission regarding information of combination is not mandatorily required in all the casesWhether the complaint filed by APS with the relevant state RERA authority in ind