2025 (9) TMI 4

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.... RASHIDI For the Appellants: Mr. Subir Sanyal, Senior Advocate, Mr. Goutam Dey, Advocate, Mr. Abhijit Mondal, Advocate, Mr. Sourajit Mukherjee, Advocate. For the Respondent No. 1/E.D.: Mr. Arijit Chakrabarti, Advocate, Mr. Debsoumya Basak, Advocate, Ms. Swati Kumari Singh, Advocate. For the Respondent No. 2/ S.B.I : Mr. Debasish Saha, Advocate, Mr. Sanjoy Ghosh, Advocate, Ms. Sucheta Pal,....

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....ile shareholders with the bank. Appellants are not recipient of a proceed of crime. The immovable property owned by the appellant No. 1 cannot be treated as proceeds of the crime. Consequently, all proceedings as against the appellants and the property should be dropped. 4. Enforcement Directorate and respondent No. 2 are represented. 5. Appellant No. 1 owns the immovable property. Such immo....

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....bank or the financial institution in respect of the credit facilities extended stands satisfied. 10. In course of hearing of this appeal, we called upon the appellants to produce various documents by our order dated August 13, 2025. 11. All such documents were not produced on the next date i.e., August 14, 2025. Further time was granted till August 20, 2025. 12. As on date, every document....

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....equently revalued in excess of Rs.1 Crore while mortgaging it with the bank. Subsequent to the mortgage, the shares of the company is sought to be transferred to others, for few lakhs. In fact, the entire consideration, if added, is unlikely to exceed Rs. 15 lakhs. 17. There are sufficient materials on record to place the appellants under investigations. Materials suggest that, under the facade....