Court dismisses petition challenging property attachment under Money Laundering Act, directs pursuit of alternate remedy. Property possession protected.

The court dismissed the writ petition challenging the notice for provisional attachment of property under the Prevention of Money Laundering Act, 2002. It emphasized the availability of an alternate remedy through the Appellate Authority, directing the Petitioner to pursue this remedy for a comprehensive resolution. The court also protected the possession of the property for a specified period, barring the creation of third-party rights. Additionally, it acknowledged the Petitioner's proposal to deposit money equivalent to the property value for withdrawal of the attachment order, instructing the Appellate Authority to consider this proposal and all raised contentions.

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Issues:
1. Validity of notice for provisional attachment of property under Prevention of Money Laundering Act, 2002.
2. Applicability of alternate remedy through the Appellate Authority.
3. Protection of possession of the property during legal proceedings.
4. Proposal for depositing money equivalent to the property value to withdraw attachment order.

Analysis:

Issue 1: The judgment addresses the validity of a notice informing the Petitioner about the provisional attachment of an immovable property under the Prevention of Money Laundering Act, 2002. The notice was confirmed by the adjudicating authority, and subsequently, the Deputy Directorate of Enforcement was set to take possession of the property. The Petitioner challenged this notice, leading to legal proceedings.

Issue 2: The court discusses the availability of an alternate remedy through the Appellate Authority under the Act. The Petitioner had approached the Tribunal, but the Chairperson was unavailable at that time. However, the Tribunal has now been constituted and holds the power to decide the appeal and any interim applications. The court emphasizes the importance of pursuing this alternate remedy before the Appellate Authority.

Issue 3: Regarding the protection of possession of the property, the court directs that the Petitioner or their successor should not be dispossessed from the property for a specified period. However, the substituted Petitioner is prohibited from creating third-party rights or parting with possession of the property under attachment.

Issue 4: The judgment considers a proposal by the Petitioner to deposit money equivalent to the property value with the authority, suggesting the withdrawal of the provisional attachment order. The court acknowledges this proposal and directs the Appellate Authority to consider it along with all contentions raised by the parties involved.

In conclusion, the court dismisses the writ petition, citing the availability of an efficacious and complete alternate remedy through the Appellate Authority. The judgment emphasizes the need for the Petitioner to pursue the interim application and main appeal before the Appellate Authority, ensuring all contentions are duly considered. The court's directive aims to protect the possession of the property during legal proceedings while maintaining the rights and contentions of all parties involved.

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