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The AT dismissed the appeal and upheld the provisional attachment under PMLA, holding the Special Court (PMLA) order non-final but not vitiated on the present record. The Tribunal found diversion of sanctioned loan proceeds constituted money laundering-inter alia a transfer of Rs.115 crore to a third party to prop up DHFL shares-and sustained attachment equivalent to the unpaid loan. The AT rejected the contention that initiation of NCLT/IBC proceedings and appointment of an IRP over a respondent's assets ousted PMLA action, reiterating that insolvency moratorium does not preclude criminal/asset-protection measures under the ECIR. All challenges to the attachment were found devoid of substance; appeal dismissed.
The AT dismissed the appeal and upheld the provisional attachment under PMLA, holding the Special Court (PMLA) order non-final but not vitiated on the present record. The Tribunal found diversion of sanctioned loan proceeds constituted money laundering-inter alia a transfer of Rs.115 crore to a third party to prop up DHFL shares-and sustained attachment equivalent to the unpaid loan. The AT rejected the contention that initiation of NCLT/IBC proceedings and appointment of an IRP over a respondent's assets ousted PMLA action, reiterating that insolvency moratorium does not preclude criminal/asset-protection measures under the ECIR. All challenges to the attachment were found devoid of substance; appeal dismissed.
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