TaxTMI 
TaxTMI 
2025 (6) TMI 267
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....ginal Complaint No. 1104/2019, whereby the properties attached by ED vide PAO No. 01/2019 dated 14.02.2019 were confirmed, including the properties mortgaged with the present appellant as under: Sr. No. Name of owner Place where property is situated Nature of Property Description of the property Area Documents Details Value Rs. In Lakhs Remarks 1. D. S. Kulkarni Developers Ltd. Kirkitwadi Land Survey No. 187 at village Kirkitwadi, Dhayari, Pune Area = 0 H 77.18 R 0 H 77.18 R 7/12 Extract 1157.70 Value as per valuation report dated 14.02.2019 Total Value Rs. 3638.62 lakhs 2. D. S. Kulkarni Developer s Ltd. Kirkitwadi Land Survey No. 188 at village Kirkitwadi, Dh....
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.... amount invested. After investigation EOW, Pune Unit filed the Charge Sheet against the said accused person for commission of offence under Section 120-B IPC read with 406, 409, 420, 411, 465, 467, 468, 471 of IPC and also under r/w Section 3 & 4 of MPID Act, 1999 and substantive offences thereunder. The investigation conducted by ED had revealed that the total fraud committed by the accused persons is to the extent of Rs. 70752.27 lakhs with respect to FDs and Rs. 38784.93 lakhs with respect to FPA-PMLA-3235 & 3260/MUM/2019 ICICI Bank Ltd. & Anr. v. ED Mumbai unsecured investments made by public i.e. totalling to about Rs. 1100 crores. On the basis of the said FIR and investigation conducted by Police, the Directorate of Enf....
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....the properties are in the name of mortgagor M/s D S Kulkarni Developers Ltd. He pointed out that the loan accounts of the said mortgagors become Non-Performing Assets (NPA) and the debtors have not discharged the outstanding loan liability alongwith interest till date. Ld. Counsel for the appellant submitted that the appellant bank is the victim of the fraud and now being made to lose its valuable security being wrongly attached by ED without appreciating the fact that the same are mortgaged properties. He contended that the appellant bank being the secured mortgagor is entitled to realise its dues from the said debtors/mortgagors after the auction of the mortgaged properties. He further pointed out that with respect to M/s DS Kulkarni Deve....
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....ct the interest of the interest of the unsecured creditors. She further stressed that Ld. Special Judge, PMLA Court can dispose of the mortgaged properties after the conclusion of the trial, as per law. 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. Sub-section (2) of Section 32 A of IBC states that- "No action shall be taken against the property of the corporate debtor in relation to an offence committed prior to the commencement of the corporate insolvency resolution process of the corporate debtor, where such property is covered under a resolution plan approved by the Adjudica....