2025 (9) TMI 483

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.... reliefs:- "(a):- This Hon'ble Court directs that, paragraphs 6 (a) & (b) of the Order dated 11 January 2023 in Interim Application No. 9864 of 2022 (Exhibit "A"; "said Order") continue to apply in relation to the Varadrajapuram Property [described in paragraph 1(a) of this Application]; (b) This Hon'ble Court recalls paragraphs 6 (a) & (b) of the said Order in relation to the Kalyanamandapam Property [described in paragraph 1(b)] and permits Applicant, subject to such terms and conditions as the Court deems fit and proper, to retain the Sale Proceeds from the sale of that Property subject to the outcome of the captioned Appeal." 2. Thereafter, the above Interim Application was amended and prayer clause (b) was....

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....ABFL. One property is known as the Kalyanamandapam Property and the other is the Varadarajapuram Property. The subject matter of the present Interim Application is only the Kalyanamandapam Property. 6. It appears that after the loans were disbursed by ABFL, there was a default in repayment of the loans and one of the members of Nathella Group was declared as a Non-Performing Assets (NPA). Thereafter, a notice under Section 13 (2) was also issued and symbolic possession of the Varadarajapuram Property was also taken. It appears that thereafter, ABFL came to know that the Varadarajapuram Property as well as the Kalyanamandapam Property were attached by the Respondent under the provisions of the Prevention of Money Laundering Act, 2002 (for....

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....sold by ABFL under the provisions of the SARFAESI Act and the sale proceeds of Rs. 52,01,42,105/- were deposited in this Court. 8. After all this, as mentioned earlier, ABFL merged with the Appellant and hence, it is the merged entity (i.e. Aditya Birla Capital Limited) that is before us making the present application. 9. As mentioned earlier, Mr. Dhond, the learned Senior Advocate appearing on behalf of the Applicant/ Appellant, pressed the above Interim Application only in terms of the substituted prayer clause (b), namely - to permit the Applicant to withdraw the sum of Rs. 52,01,42,105/- along with accrued interest, if any, on such terms and conditions as this Court may deem fit. 10. Mr. Dhond submitted that the Applicant/ Appe....

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....ns, she submitted that the Applicant ought not to be allowed to withdraw any amount whatsoever. 12. Without prejudice to the aforesaid arguments, the learned Advocate for the Directorate of Enforcement submitted that if this Court is inclined to allow the Applicant/ Appellant to withdraw any amount, they should be put to strict terms and conditions so as to ensure that the amount withdrawn by them is available to be brought back, if the above Appeal fails. 13. We have heard the learned Counsel for the parties and we have also perused the papers and proceedings in the above Interim Application. It is not in dispute that the Kalyanamandapam Property was mortgaged with the Applicant/ Appellant and which has thereafter been sold under the....