2021 (8) TMI 1176

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....pplication, the applicant prays for stay of the operation, implementation and execution of the order dated 17.01.2019 passed by the Appellate Tribunal, Prevention of Money Laundering Act, New Delhi. The order dated 17.01.2019 has been challenged by the applicant by way of First Appeal No.1224 of 2021. The First Appeal came to be admitted by this Court vide order dated 07.06.2021. 3. Let Notice be issued to the opponent - returnable on 12.07.2021. Till the next returnable date, the opponent shall maintain status quo as regards the nature, character and possession of the attached properties. Direct service is permitted." 2. The matter was taken up for further hearing today. The time is not ripe enough to take up the main appeal for final h....

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....ed action in accordance with law for enforcement of such interest prior to the order of attachment under PMLA, the directions of such attachment under PMLA shall be valid and operative subject to satisfaction of the charge or encumbrance of such third party and restricted to such part of the value of the property as is in excess of the claim of the said third party. 5. Relying on the aforesaid, the argument of Mr. Shah is plain and simple. He would submit that the Bank is only concerned with the money which it has to recover from the original debtors. He would submit that the Bank is not concerned with the criminal prosecution that the Directorate of Enforcement has instituted under the provisions of the PMLA Act. 6. In the aforesaid cont....

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....s Nakoda Ltd and its factory building are "Proceeds of Crime" and the Factory land of M/s Nakoda is also liable for attachment under PMLA as "Value of Such Property. It is admitted position that the said movebale/immoveable property is not a property that has been derived or acquired, directly or indirectly through the "Proceeds of crime". Thus, the said mortgaged property in which the bank is a secured creditor is not liable to be attached in lieu of even value therefore. Therefore, the OC 974/2018 is not maintainable as the Respondent No.1 had no jurisdiction to attach the aforementioned immoveable property under the provisions of the PMLA and that the PAO bearing No.01/2018 is quashed against the appellant." 7. The appellate Tribunal ....