2021 (5) TMI 83

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....g terms: "a) Hon'ble Court may kindly graciously pleased to issue writ of certitorary or any other appropriate writ, order direction to respondent no.3 to release the properties stated in (annexure p/14) and hand over to respondent no.4 liquidator in order to reimbursement of the deposit/investment of the investor/depositor of ACCSL; b) may kindly be issue writ of mandatory or other appropriate writ, order, direction directing the respondent no.2 Central Ragistrar to initiate the process of winding up and appointment of liquidator under the provisions of MSCS Act, 2002 and Rules made thereunder against the respondent no.5-Arth Credit Cooperative Society Ltd; c) may kindly be issue an appropriate writ, order or dir....

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....erative Society has already passed an order for winding up of ACCSL and appointed liquidator for the liquidation of the society. However, the properties of the society have been provisionally attached by the Enforcement Directorate under the provisions of the Prevention of Money Laundering Act, 2002 ('PMLA') and the same are not being released to the official liquidator. According to the petitioners, PMLA is not applicable to the societies registered under the Act of 2002 and thus, the Enforcement Directorate has no legal authority to freeze the assets and bank account of ACCSL. 4. It is pertinent to note that winding up of Multi-State Cooperative Societies is governed by the provisions contained in Chapter X of the Act of 2002. If the C....