TaxTMI 
TaxTMI 
2013 (2) TMI 343
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....f learned counsel for the petitioner, notice of motion was issued on 12.01.2011 for 24.02.2011. In response thereto, reply was filed in the registry on 25.05.2011. Meanwhile, the matter was listed for hearing before the Adjudicating Authority as per Section 5(5) of the Act, 2002 on 26.06.2011. Accordingly, learned counsel for the petitioner moved an application before this Court seeking stay of the proceedings. However, on 07.06.2011, learned counsel for the respondent gave an undertaking before this Court that the final order shall not be passed till the next date of listing. On 12.07.2011, learned counsel for the respondent also moved an application for pre-poning the date of hearing from 24.08.2011 to an early date as the period of limitation prescribed under the Act was going to expire on 05.08.2011. However, this Court declined to prepone the said date of hearing vide order dated 15.07.2011. Learned counsel for the respondent, at the very outset, raised the preliminary objection that the petitioner has come before this Court under Section 482 Cr.P.C. for quashing of the summoning order dated 08.12.2010 (P4) as well as all the subsequent proceedings initiated under the Ac....
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....under this Section if the Director or any other officer not below the rank of Deputy Director authorised by him for the purposes of this Section has reason to believe (the reasons for such belief to be recorded in writing), on the basis of material in his possession, that if such property involved in money laundering is not attached immediately under this Chapter, the non-attachment of the property is likely to frustrate any proceeding under this Act. (2) The Director, or any other officer not below the rank of Deputy Director, shall, immediately after attachment under sub-section (1), forward a copy of the order, along with the material in his possession, referred to in that sub-section, to the Adjudicating Authority, in a sealed envelope, in the manner as may be prescribed and such Adjudicating Authority shall keep such order and material for such period as may be prescribed. (3) Every order of attachment made under sub-section (1) shall cease to have effect after the expiry of the period specified in that sub-section or on the date of an order made under sub-section (2) of section 8, whichever is earlier. (4) Nothing in this section shall prevent the person interested i....
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....rder appealed against. (5) The Appellate Tribunal shall send a copy of every order made by it to the parties to the appeal and to the concerned Adjudicating Authority or the Director, as the case may be. (6) The appeal filed before the Appellate Tribunal under sub-section (1) or sub-section (2) shall be dealt with by it as expeditiously as possible and endeavour shall be made by it to dispose of the appeal finally within six months from the date of filing of the appeal." The Act, 2002 has also provided the remedy of an appeal under Section 42 of the Act against the order of the Appellate Tribunal to the High Court. Section 42 of the Act, 2002 reads thus:- "42. Appeal to High Court.-- Any person aggrieved by any decision or order of the Appellate Tribunal may file an appeal to the High Court within sixty days from the date of communication of the decision or order of the Appellate Tribunal to him on any question of law or fact arising out of such order: Provided that the High Court may, if it is satisfied that the appellant was prevented by sufficient cause from filing the appeal within the said period, allow it to be filed within a further period not exceeding sixty ....
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.... the passing of the order has to be excluded from the stipulated period of 150 days as provided under the Act, 2002. Learned counsel for the respondent has also relied on the judgment rendered by the Andhra Pradesh High Court in the case of V. Suryanarayana Prabhakara Gupta and another v. Union of India and others (Writ Petition No. 27898 of 2010), wherein, question as to whether the order of provisionally attachment passed by the Enforcement Director ceases to have effect after expiry of period of 150 days as provided under sub Section (1) of the Section 5 of Act, 2002 on the ground of interim stay granted by the Court, was held thus:- "In the instant case, the notice issued by the adjudicating authority under sub section (10 of Section 8 has also been stayed on 10.11.2010 along with the provisional orders of attachment passed by the Enforcement Director under Sub Section (1) of Section 5. Undoubtedly, the period of 150 days, reckoned from 21.10.2010 has already expired. It is appropriate to notice that this Court passed an order on 10.11.2010 granting interim stay as prayed for by the petitioners. Therefore, by virtue of the operation of the order passed by this Court on....