Concessional penalty for search-disclosed unreconciled jewellery applies where substantive disclosure conditions are met despite omission from origina...
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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