Court directs release of title deeds to petitioners after challenging attachment order, resolving property conflict. The court directed the petitioners to challenge the attachment order before the PMLA Appellate Tribunal and deposit a specified amount with the ...
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Court directs release of title deeds to petitioners after challenging attachment order, resolving property conflict.
The court directed the petitioners to challenge the attachment order before the PMLA Appellate Tribunal and deposit a specified amount with the Enforcement Directorate. Upon compliance, the title deeds would be released to the petitioners, resolving the conflict over property attachment during insolvency proceedings. The court disposed of the petition and pending applications based on the agreed terms between the parties and court directions.
Issues involved: Impugning an order under the Prevention of Money Laundering Act, 2002 regarding provisional attachment of property during insolvency proceedings.
Summary: 1. The petition challenged an order passed under the Prevention of Money Laundering Act, 2002, regarding the provisional attachment of property during insolvency proceedings before the NCLT.
2. The resolution plan submitted by one of the petitioners was approved by the Committee of Creditors, but a provisional attachment order was passed on the property of another petitioner by the Adjudicating Authority under the PMLA.
3. Despite the attachment order, the resolution plan was approved by the NCLT, and a substantial amount was deposited by the petitioner for securing the company's rights over the property, leading to a dispute with the State Bank of India (SBI).
4. The SBI claimed it acquired knowledge of the attachment order after the insolvency proceedings had commenced, and the resolution plan was approved, leading to a stalemate over the release of title deeds.
5. To resolve the conflict, the court directed the petitioners to challenge the attachment order before the PMLA Appellate Tribunal and deposit a specified amount with the Enforcement Directorate, following which the title deeds would be released to the petitioners.
6. The court disposed of the petition and all pending applications based on the agreed terms between the parties and the directions issued by the court.
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