2021 (7) TMI 963

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....CE VINEET KOTHARI) ORDER IN FIRST APPEAL NO. 164 OF 2021 AND FIRST APPEAL NO. 4914 OF 2018: These both the Appeals have been preferred by the Deputy Director, Directorate of Enforcement Government of India against M/s. Jayant Oil Products Private Limited, M/s. Biotor Industries Limited and its Directors, etc. Arising out of the Interlocutory Order dated 28.08.2017 passed by the Appellate Tribunal, Prevention of Money Laundering Act, 2002, Coram: (Mr. Justice Manmohan Singh, J. Chairman of Tribunal). The said Interim Order adequately protected the rights of the Union of India, which was by attachment of the Property and Respondents had clearly undertaken before the learned Tribunal that till the Appeal is decided by the said Tribunal, ....

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....before filing the FIR. He undertakes on behalf of the appellant, despite of that shall not be disposed of directly or indirectly till the appeal is finally decided. Thus, prima facie case is made out for grant of interim protection. The other objections raised by Shri Vikas Garg, the learned counsel for the respondent will be considered on the next date of hearing. Reply be filed within six weeks with an advance copy to the counsel for the appellant who may file the rejoinder within four weeks thereafter. Subject to the undertaking not to disposed of or create any third party right or interest and no coercive action shall be taken by the respondent in view of notice issued u/s 8(4) of PMLA, 2002 by the respondent." Having heard ....

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....KOTHARI,J) (B.N. KARIA, J) ORDER IN CIVIL APPLICATION (FOR STAY) NO. 1 OF 2021 AS WELL AS CIVIL APPLICATION (FOR ORDERS) NO. 2 OF 2021 IN R/FIRST APPEAL NO. 164 OF 2021: In view of the dismissal of First Appeal No. 164 of 2021, Civil Application (For Stay) No. 1 of 2021 as well as Civil Application (For Orders) No. 2 of 2021 in R/First Appeal No. 164 of 2021 are disposed of. (DR. VINEET KOTHARI,J) (B.N. KARIA, J) ORDER IN FIRST APPEAL NO. 4908 of 2018. We have dismissed the connected Two First Appeals i.e., First Appeal No. 164 of 2021 and First Appeal No. 4914 of 2018 directing against the Interlocutory Order dated 28.08.2017 passed by the Appellate Tribunal, Prevention of Money Laundering Act, 2002, Coram: (Mr. Justic....

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....lent and has been passed without even considering the documents and explanation provided by the appellants by way of reply and compilation as filed before the Adjudicating Authority. 23. Prima facie, the provisional attachment order as well as the impugned order is an arbitrary order passed by the Adjudicating Authority whereby five (5) properties of the appellants have been attached, without any cogent reason or any basis. 24. It is a matter of fact that on default of repayment by the appellant-Company, the Banks had already on 25.10.2010 called upon appellant No.1 -Company to repay the due amount which the appellant No.1-Company failed to pay and thereby the banks became entitled to enforce the security interest i.e. the....