2020 (9) TMI 1030

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....ar, Advocate for R-3. Prathiba M. Singh, J. (Oral) 1. This hearing has been held through video conferencing. 2. The present petition seeks quashing of the Provisional Attachment Order No.3/2020 dated 19th May, 2020 in ECIR-MBZO-1/03/2020 to the extent that it relates to the Petitioner Company. The assets in respect of which the said attachment order has been passed are certain fixed deposits to the tune of Rs. 51,85,94,086.78/-. Initially, notice was issued in this petition on 23rd June, 2020 as it was noticed that a substantial part of the said amount i.e., Rs. 42,85,32,698.63/- has to be paid back by the Petitioner to the National Housing Bank (hereinafter 'NHB'), which is a government bank. The said fixed deposits are currently lying ....

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....d be refunded to NHB so that it could use the same for further funding to housing sector and to provide liquidity for affordable housing purposes. 6. After hearing the counsel for the parties, it is clear that at this stage, the amount lying with HDFC Bank is sought to be attached by the ED. The ED's preliminary objection concerning the maintainability of this petition in view of the orders passed by the Coordinate Bench has already been dealt with vide order dated 10th July, 2020 wherein it has been clarified that the provisional attachment order dated 19th May, 2020 was not under challenge in W.P. (C) 3083/2020 and, in fact, liberty was specifically reserved for the Petitioner to avail of his remedies in accordance with law. Insofar as t....

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....id amount ought to be paid back to the ED, the NHB shall abide by the said order and shall re-deposit the said amount within a period of six weeks after the passing of the order by the Adjudicating Authority, subject to any orders passed by a superior court/tribunal. If refund is ordered by the adjudicating authority, no interest shall be payable by the NHB. Only the principal amount which is being transferred from the HDFC Bank to the NHB would be liable to be put back into the ED's account. 9. The amount received from the HDFC Bank shall be credited by the NHB in the account of the Petitioner and if the Adjudicating Authority passes an order for re-deposit of the amount, the same shall be debited from the Petitioner's account. 10. Ms. T....