TaxTMI 
TaxTMI 
2025 (5) TMI 77
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....xmi Mill Compound, Ahead of Arunoday Cross Roads, Alkapuri, Vadodara. R.S. No. 609 bearing city survey no. 3412 of Village Kasba, Dist. Vadodara. Tower B Flat No. 801 & 802 (Rs. 21850000X2} 4,37,00,000 Amit Bhatnagar 2 The Address Priyalaxmi Mill Compound, Ahead of Arunoday Cross Roads, Alkapuri, Vadodara. R.S. No. 609 bearing city survey no. 3412 of Village Kasba, Dist. Vadodara. Tower B 4,37,00,000 Sumit Bhatnagar/ Richa Flat No. 701 & 702 (Rs. 21850000X2} Bhatnagar Properties Mortgaged with Axis Bank S. No. Details of Property Value (Rs.) Ownership 1. The Address Priyalaxmi Mill Compound, Ahead of Arunoday Cross Roads, Alkapuri, Vadodara. R.S. No. 609 bearing city survey no. 3412 of Village Kasba, Dist. Vadodara. Tower B Flat No. 801 & 802 (Rs. 21850000X2} 4,37,00,000 Amit Bhatnagar 2 The Address Priyalaxmi Mill Compound, Ahead of Arunoday Cross Roads, Alkapuri, Vadodara. R.S. No. 609 bearing city survey no. 3412 of Village Kasba, Dist. Vadodara. Tower B Flat No. 701 & 702 (Rs. 21850000X2} 4,37,00,000 Sumit Bhatnagar/ Richa Bhatnagar 3. Millennium, University, opp. Navrachna Vasna Bhayli Roa....
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....0 Sq. Ft. per unit. Flat No. 901 & 1001 (1 unit). (Rs. 71,50,000 x 1) 71, 50,000 Northway spaces Ltd. (earlier Mayfair Spaces Ltd.) 10. Millennium, University, opp. Navrachna Vasna Bhayli Road, Vadodara. R. Survey No. 2566, 2567 & 2568, Block No. 1769 of Village Bhayli, Dist. Vadodara. Tower B1-1500 sq. ft 3 BHK per unit. Flat No. 201, 202, 601, 701, 801, 901, 1001, 1101 & 1102. (Rs.3375000 x 9) 3,03,75,000 Northway spaces Ltd. (earlier Mayfair Spaces Ltd.) 11. Millennium, University, opp. Navrachna Vasna Bhayli Road, Vadodara. R. Survey No. 2566, 2567 & 2568, Block No. 1769 of Village Bhayli, Dist. Vadodara. Tower B2-1080 Sq Ft. 2 BHK per unit 101,102, 103, 104, 201, 202, 203, 301, 302, 303,401, 403, 501, 503, 502, 601, 603, 602, 701, 703, 702, 704, 803, 802, 901,902,903, 1001,1003,1002, 1004,1101, 1103, (Rs.2500000 x 35) 1102,1104. 4,05,00,000 Northway spaces Ltd. (earlier Mayfair Spaces Ltd.) 12. Millennium, opp. Navrachna University, Vasna Bhayli Road, Vadodara. R. Survey No. 2566, 2567 & 2568, Block No. 1769 of Village Bhayli, Dist. Vadodara. B31500 sq. ft. 3 BHK per 101,201,301, 401, 501, 601, 701, unit 801, 901, 1001, 110....
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....- NCD 11.26 19 CSED Gratuity and Pension Fund Trust- NCD 7.60 2654.40 b) M/s DPIL had resorted to exorbitant turnover projections for forthcoming years and submitted false stock statements to the lead bank in order to get more drawing power in their cash-credit accounts. They also showed the details of receivables from the date of payment, instead of date of invoice, which helped them in showing higher net working capital than actual. Thereby, they had obtained higher cash-credit limits from the banks. However, the banks continued to grant higher cash-credit limits inspite of the fact that M/s DPIL had regularly failed to achieve the targeted turnover. c) M/s DPIL also obtained large number of letters of credit (LCs) from these banks and subsequently failed to honor many of these LCs, which was forced charged on the credit limit. 16 such LCs amounting to Rs. 110.79 Crore which were issued in favour of M/s Ruby Cables (a sister concern of DPIL), which was in violation of the bank's guidelines. d) M/s DPIL invested about Rs. 16.70 Crore in their group companies out of their CC limit, which is in violation of terms of sanct....
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.... collect and seize the evidences of money laundering, searches were conducted on 09.04.2018 at the premises pertaining to M/s. DPIL and its 14 Directors under Section 17 of PMLA, 2002. The searches resulted in recovery of various incriminating documents/ records/properties at seven premises mentioned at Sr. No. 1, 2, 3, 11, 12, 13 and 14. In respect of the remaining premises, which were declared as M/s DPIL branch offices in various cities, no offices of M/s DPIL were found to be located at the given addresses and the same were occupied by some unrelated persons. Further, the accused were also neither available at their residential premises, nor at their office premises as they were found to be absconding. Accordingly, CBI FIR, DGGSTI, Vadodara had issued a Show Cause Notice to M/s. DPIL for fraudulently availing CENVAT credit to the tune of Rs. 100.80 Crore by submitting bogus purchase invoices without any transaction of goods. Further, investigation revealed that M/s. DPIL, in conspiracy with other co-accused parties, had entered into fictitious transactions of sale and purchase of goods wherein M/s DPIL and other parties had issued fictitious/bogus invoices to each other w....
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.... appellants). After receiving the respective replies and hearing the rival submissions, the Adjudicating Authority confirmed the PAO vide its order dated 01.10.2018. Being aggrieved by the said order appellants filed the present appeals. 3. During the arguments Ld. Counsel for the appellant banks submitted that the Respondent ED without completing its investigation and without any reason to believe had attached the subject properties. On bare perusal of the impugned order, it is reflected that the appellant banks were never made party/defendants in the said order. The PAO does not even reflect that the appellant banks were ever queried or were approached by the Respondent ED during the course of investigation. Ld. Counsel pointed out that the subject properties are duly mortgaged with the appellant banks by way of deposit of original title deeds. The original title deeds of the subject properties are with the appellant banks. He further contended that the transaction between the appellant banks and the respondent No. 2 & 3 for grant of loan and securing the same by way of equitable mortgage is a Bonafide transaction by the appellant banks and the said subject properties canno....
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....proceeds of crime is available for provisional attachment under PMLA, respondent ED identified 30 properties of the accused persons which are attached in terms of Section 2(1)(u) as value equivalent thereof. Ld. Counsel for the respondent submitted that the statement of the appellant bank that SARFAESI provisions get precedence over provisions of PMLA is not correct, as PMLA is a special Act and proceedings under PMLA get precedence over other Act in terms of Section 71 of the Act. Prayer is accordingly made to dismiss the present appeals being devoid of any merits. 5. We have considered the rival submissions and we have given our thoughtful consideration to the same. Admittedly, the period of commission of scheduled offence is from 2010 to 2017 and FIR was registered in the year 2018. Two Loans of Rs. 4 Crore each were sanctioned by SBI on 16.11.2015 against the two properties mortgaged to it, as mentioned in para no. 1 above. 14 properties were mortgaged to Axis Bank including the two mortgaged properties with SBI, against the loan of Rs. 40 Crore sanctioned on 28.12.2015. We agree with the contention of learned counsel for Respondent ED that collusion of the officials/mana....