TaxTMI 
TaxTMI 
2023 (5) TMI 1031
X X X X Extracts X X X X
X X X X Extracts X X X X
....udicating Authority in Original Complaint No. 1503 of 2021 and the impugned Provisional Attachment Order No. 09 of 2021 (hereinafter 'PAO') dated 28th June, 2021 whereby certain assets of the Petitioners have been attached under Section 8 of the Prevention of Money Laundering Act, 2002 (hereinafter 'PMLA'). The details of the properties are as under- Sr.No. Property Holder Description of Property Value in Rs. (in Crores) 1. M/s Frost International Limited 402, Kalpana Plaza, 24/147 B, Birhana Road, Kanpur 0.90 2. M/s Frost International Limited Half office accommodation no. 403, Kalpana Plaza, 24/147 B, Birhana Road, Kanpur 0.41 3. M/s Frost International Limited Half office accommodation no. 403....
X X X X Extracts X X X X
X X X X Extracts X X X X
....ited 909-910, 9th Floor, The Meadows Tower, Sahar Plaza, Kondvita Village, J.B. Nagar, Andheri (East), Mumbai 400059 7.59 17. M/s Frost International Limited Office Space 4, 4A, 4B, 4C, 4D on the third floor at SB Tower premises no.37, Shakespeare Sarani, Ward 63 of KMC Kolkata 10.09 18. M/S Globiz Exim Pvt. Ltd. Shop No.1 to 4, Oberoi Chambers-1, CTS No.645, Village Oshiwara, Andheri West, Mumbai. 18.36 19. M/s NSD Nirman Pvt. Ltd. Shop 101 to 108, 1st Floor, Oberoi Chambers 1, Plot bearing CTS No.645 and 646, Off Link Road, Village Oshiwara, Andheri West, Mumbai-40058 23.69 20. M/s Frost International Limited Apartment No.T-22, 401, Tower 22, Apt. No.401, third Floor, admeasuring 2830.04 ....
X X X X Extracts X X X X
X X X X Extracts X X X X
....A, has expired. Thus, the confirmation of the same is contrary to law. 4. Initially, vide order dated 7th March, 2022, the present petition had been dismissed on the ground of forum non-conveniens. 5. This order was challenged in a Letters Patent Appeal being LPA No. 262/2022 wherein the matter was remanded to this Court. 6. On 19th April, 2022, after considering the submissions made, the following interim order was passed the operative portion of which is extracted hereunder. "2. The challenge in the present petition is to an order passed by the Adjudicating Authority confirming a provisional attachment order in terms of Section 8 of the Prevention of Money Laundering Act, 2002 (PMLA). 3. The Court is apprised th....
X X X X Extracts X X X X
X X X X Extracts X X X X
....ing. 8. Today, an application has been moved on behalf of the Petitioner No. 1 Company-Frost International Limited through the Resolution Professional (hereinafter 'RP') as the company has now gone into insolvency proceedings. Proceedings have commenced in the National Company Law Tribunal ('NCLT'). Further, vide order dated 9th February, 2023, the NCLT has declared a moratorium under Section 14 of the Insolvency and Bankruptcy Code, 2016 (hereinafter 'IBC'). 9. In addition, the RP- Mr. Amit Chandrakant Shah has been appointed to handle the day to day affairs of the company and to carry out the mandate as directed by the NCLT. 10. The submissions on behalf of the company by ld. Counsel representing the RP is that since a large numb....
X X X X Extracts X X X X
X X X X Extracts X X X X
....t the attachment is in accordance with law and Section 14 does not bar the attachment by the ED. 13. Having considered the submissions made on behalf of the RP as also the ED, there is no doubt that the issue relating to the expiry of 180 days and the manner in which the same would affect the PAO, is pending in Vikas WSP and Others Vs. Directorate Enforcement and Another, 2020 SCC Online Del. 1732. However, the same being a legal issue, there are various other submissions also which may have to be considered in the present matter, bearing in mind that the Petitioner Company has gone into insolvency and moratorium has been declared. 14. Admittedly, the Tribunal under the PMLA is functioning and the Petitioner is free to approach the Tr....