The Enforcement Directorate has moved the Supreme Court to challenge the Delhi High Court’s order to drop the investigation into home finance firm Indiabulls. The ED will seek to continue its investigation into the company to block the order to revoke the Delhi HC.

The Delhi High Court has dismissed the ED’s investigation into the company, arguing that no enforcement action should be taken against Indiabulls. The Supreme Court is likely to hear the case today.

In February, ED raided the premises of Indiabulls housing promoter Sameer Gehlaut and other related entities and individuals. According to the law enforcement agency, the company made loans to related entities to boost the market price of its shares.

“The ECIR stems from an FIR registered by Ashutosh Kamble, who is part of a long-running extortion and blackmail racket against the company. On April 27, 2021, the Division Bench of the Hon’ble Bombay High Court passed a detailed order, staying all investigations in this matter,” Indiabulls Housing said in a regulatory filing.

According to regulatory filings, SEBI and MCA examined the company’s books. SEBI did not find any wrongdoing by Indiabulls against PIL’s specific allegations and complaints. Shares of Indiabulls Housing Finance fell nearly 10% in Monday’s trade. Shares of the company were down 6.2% at Rs 126.9 on the BSE at 1:09 pm.