Court Allows Rs. 3 Crore Deposit to Substitute Property Attachment Amid Appellate Authority Unavailability.

The HC addressed a challenge to the attachment of properties valued at Rs. 72 crores. Petitioners contested the attachment due to the unavailability of the Appellate Authority and offered to deposit Rs. 3 crores in a fixed deposit with the ED. The court ordered the attachment to be substituted by the fixed deposit, preserving parties' rights before the Appellate Authority. The SLP and pending applications were disposed of, directing the Appellate Authority to proceed independently and lawfully.

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Issues involved: Challenge to order of attachment of scheduled properties before High Court.

The High Court was approached to challenge the order of attachment of properties worth Rs. 72,00,00,000/- due to unavailability of the Appellate Authority. The petitioners intended to challenge the order before the Appellate Authority. The petitioners sought release of properties attached, valued at Rs. 72 crores, in response to allegations amounting to Rs. 3 crores. The ASG was unable to justify why two properties were attached when one would suffice for the alleged amount. The petitioners offered to deposit Rs. 3 crores in a fixed deposit with the Enforcement Directorate, leading to the lifting of the attachment on producing the fixed deposit. The order specified that the attachment would be substituted by the fixed deposit, without prejudice to the rights of the parties before the Appellate Authority. The Appellate Authority was directed to handle the proceedings independently and in accordance with the law.

The Special Leave Petition was disposed of, and pending applications were also disposed of.

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