2025 (12) TMI 104

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..../2019, whereby the Provisional Attachment Order No. 01/2019 dated 30.08.2019, qua the properties mortgaged with the present Appellant Bank were confirmed for attachment. The details of the properties are as under: S. No. Details of property Owner's name Value (in Rs.) 1. Flat No. H-1 having its covered area 129-04 Sq. Mtrs. In the ground floor (above parking floor) and 1/3rd share in parking floor of the building known as Block -H in Royal Oak Apartments which is built on land comprised in Khata Khatoni No. 98/140, 141 and Khasra No. 1202/789, 790, 792, 793, 794, 796, 798, 799, 800, 791, 795, 797 Kita-12 measuring 8394-07 Sq. Mtrs. At Mauja Kaithu (2nd) the & Distt. Shimal, H.P. Sh. Lal Chand Shyam 40 Lacs 2. L....

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....vestigation under the provisions of PMLA, 2002, by the Directorate of Enforcement vide ECIR no. ECIR/SHSZO/03/2019 dated 29.05.2019. Consequent upon the investigation conducted by the CBI in the said FIR chargesheet dated 24.04.2017 was filed in the Court of Special Judge, CBI, Shimla and supplementary chargesheet dated 10.10.2017 against (i) Shri Rajesh Mukhyan, (ii) Smt. Neenu Shyam, (iii) Sh. P.K. Srivastava, (iv) Smt. Indira Kashyap & (v) Shri Lal Chand Shyam. Investigation conducted by CBI, Shimla revealed that Sh. Rajesh Mukhyan and Smt. Neenu Shyam (both partners of M/s Zoya Resorts & Hotel) submitted an application dated 05.01.2013 in Central Bank of India, Shimal for availing term loan of Rs. 176.04 Lacs and fund based working c....

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....of India, Shimla by Sh. Umesh Verma in his own name under instructions of Sh. Lal Chand Shyam. The entire 78 Lacs so transferred to the account of Sh. Umesh Verma was withdrawn through self cheques and handed over to Sh. Lal Chand Shyam. Remaining amount of Rs. 47 Lacs of the term loan of M/s Zoya Resorts and Hotel so disbursed was first transferred to the current A/c No. 3229254831 of M/s Zoya Resorts and Hotel and subsequently, the same was withdrawn as cash by Sh. Rajesh Mukhyan and Smt. Neenu Shyam through self cheques. Release of the entire amount of Rs. 125 Lakhs was sanctioned by Sh. P.K. Srivastava, the then Chief Manager of Central Bank of India, Shimla without following the terms & conditions related to disbursement of loan ....

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....ctory status report received from the existing bankers of Sh. Rajesh Mukhyan. b) Utilization certificate is to be submitted by the borrower from CA after completion of every stage of construction. c) Disbursement of loan is to be done in stages with pro-rata margin to be brought by the borrower. Bills/receipts etc. to be submitted by the borrower/suppliers. d) Disbursement is to be made directly to suppliers/contractors. e) Inspection to be made stage to stage construction. During the course of investigation under PMLA, the statements of following key persons were recorded under Section 50(2) & (3) of the PMLA: 1. Sh. Umesh Verma 2. Sh. Lal Chand Shyam 3. Smt. Neenu Shyam ....

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....ted 07.02.2020 confirmed the PAO attaching the properties of the Defendants. Aggrieved by the said order, Appellant Bank filed the present Appeal. 3. The Ld. counsel for the appellant submitted that he is not pressing the present appeal qua the properties at Serial No. 2 to 4, as the outstanding loan amount qua the Zoya Resorts & Hotels is already settled by way of OTS with Appellant's Bank for sum of Rs. 89 Lakhs. He stressed that Appellant Bank is pressing this Appeal only qua the property at serial no. 1. He pointed out this property/Flat was purchased by Lal Chand Shyam vide sale deed dated 07.10.2011, by availing housing loan of Rs. 35 Lakhs vide sanction letter dated 05.10.2011 Annexure A-10 at page 65 to 66 of the Appeal in Par....

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....e thereof, in absence of proceeds of crime. He contended that the total quantum of proceeds of crime was assessed as Rs. 1,53,40,588/-. He stressed that out of the said outstanding amount on the date of complaint/lodging of FIR, the Appellant Bank could recover only Rs. 89 Lakhs by way of OTS. He argued that said OTS does not exonerate the role of mortgagors and bank officials, being not compoundable even with the permission of the court, except 420 IPC. He contended that even otherwise, the Appellant Bank can move application under Section 8(6) to Section 8(8) of PMLA before Ld. Special Judge, PMLA Court, to press for the auction of said attached property against the outstanding dues. He submitted that this Appellate Tribunal is not empowe....