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of AT adjudicated a case involving fraudulent loan procurement and property mortgage. The accused obtained Rs. 8 Crore from a finance company using forged documents during July-August 2013. A property measuring 833 square yards was mortgaged and subsequently auctioned by Phoenix Asset Reconstruction Company Ltd. in five separate auctions between September 2015 and March 2016. The ED's Provisional Attachment Order issued in October 2018 was deemed invalid, as the property rights of the secured creditor prevailed. The tribunal directed the appellant to tender any excess auction proceeds to ED via FDR, enabling unsecured creditors to claim potential surplus funds before the PMLA court. Appeal was disposed of with specific directional instructions.
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