TaxTMI 
TaxTMI 
2025 (5) TMI 77
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...., 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 Road, Vadodara. R. Survey No. 2566, 2567 & 2568, Block No. 1769 of Village Bhayli, Dist. Vadodara. Tower A1, 3 ....
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...., 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, 1101 & 1102 (Rs. 3375000 x 12} 4,05,00,000 Northway spaces Ltd. (earlier Mayfair Spaces Ltd.) 13. The Address, Priyalaxmi Mill Compound, Ahead of Arunoday Cross Roads, Alkap....
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....ls 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 sanction. Similarly, interest free loans to the tune of Rs. 32.96 Crore were given y DPIL from their CC limit to their group companies, which is in violation of the terms of sanction. e) Once the account of M/s. DPIL became overdue, in 2014, the banks decided to resort to Corrective Action Plan and restructured the accounts on 31.03.2015 under Corporate Deb....
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....ces 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 without actual transaction of goods. M/s DPIL and other parties had made payments against these bogus invoices and as such they had availed CENVAT credit on these bogus invoices to the tune of Rs. 97,03,02,331/- without physical receipt of material against the fake invoices, issued by M/s. Archon Engicon Ltd., M/s. Accord Industries Ltd., M/s. Jindal Aluminum Foils Pvt. Ltd., M/s. PET Metals Pvt. Ltd., M/s. Diamond Power Tra....
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....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 cannot be said to have any nexus with any alleged offences under the PMLA, 2002. He submitted that the appellant banks have exclusive, valid and legal charge which cannot be stalled by Respondent ED. The right of the appellant banks to recover the legal and valid outstanding dues from the legal and valid outstanding dues from the legally held mortgage and hypothecated assets cannot be taken away or stay in the present proceedings. The loan granted by the appellant to the respondent nos. 2 & 3 in lieu of which the subject properti....