Maintainability of a Section 7 insolvency petition against a financial service provider denied; appeal dismissed for non maintainability and complex d...
Provisional attachment under Prevention of Money Laundering Act requires exhaustion of statutory remedies; impugned order set aside, appeal to tribuna...
Restoration of property under Prevention of Money Laundering Act after attachment dispute rendered academic; possession directed to successful resolut...
Provisional attachment under s.5(1) PMLA was challenged as invalid for want of recorded apprehension that the property was likely to be concealed, transferred, or dealt with to frustrate confiscation. It was held that "reasons to believe" may be formed on the likelihood of alienation, and the competent authority had recorded a conclusion that non-attachment would likely frustrate proceedings, satisfying s.5(1). The attachment was also assailed on valuation, contending mismatch between proceeds of crime and property value and seeking independent valuation. It was held that no statutory provision permits an independent valuation at the instance of the noticee, and the property value adopted was lower than the proceeds of crime; the challenge failed and the appeal was dismissed. - AT
Provisional attachment under s.5(1) PMLA was challenged as invalid for want of recorded apprehension that the property was likely to be concealed, transferred, or dealt with to frustrate confiscation. It was held that "reasons to believe" may be formed on the likelihood of alienation, and the competent authority had recorded a conclusion that non-attachment would likely frustrate proceedings, satisfying s.5(1). The attachment was also assailed on valuation, contending mismatch between proceeds of crime and property value and seeking independent valuation. It was held that no statutory provision permits an independent valuation at the instance of the noticee, and the property value adopted was lower than the proceeds of crime; the challenge failed and the appeal was dismissed. - AT
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