TaxTMI 
TaxTMI 
2026 (3) TMI 1071
X X X X Extracts X X X X
X X X X Extracts X X X X
....ain, Advisor, Central Vigilance Commission (CVC), New Delhi, Central Bureau of Investigation (CBI) conducted Preliminary Enquiry vide No. 220/2011 E 0004 on 01.04.2011 against M/s Paramount Airways Pvt. Ltd. (PAPL) promoted by Sh. M Thiagarajan & Ors. officers/officials of M/s Oriental Insurance Company Ltd., Officers/Officials of PSU Banks viz., State Bank of India (SBI), Bank of India (BOI), Indian Bank (IB), Andhra Bank (AB) and Industrial Development Bank of India (IDBI) alleging development of M/s PAPL has taken Credit Insurance from M/s OICL for its multiple bank guarantees to cover its transactions with state owned oil companies etc. On default by the Airlines to the Oil Companies, claims were made to M/s OICL to the extent of Rs. 442 crores. BOI had the highest exposure of Rs. 242 crores, SBI for Rs. 88 crores and Axis Bank, Indian Bank and Industrial Development Bank of India with exposure over Rs. 33 to 39 crores each. The credit risk was alleged to have been accepted by M/s OICL on M/s PAPL without analyzing the financial and taking into account their credit rating which resulted in the frauds with the bank to the extent of Rs. 442 crores. On the basis of preliminary ....
X X X X Extracts X X X X
X X X X Extracts X X X X
....ion the CBI filed chargesheet for the commission of said offences against the following persons as under: i. Shri M. Ramadoss, (the then Chairman-cum-Managing Director, M/s Oriental Insurance Company Limited & under suspension since 12.8.2011), ii. Shri. Murugesan Thiagarajan, No.21 Lanka Ram Street, Thiru Nagar, Madurai iii. M/s Paramount Airways Private Limited, Chennai iv. Shri. V. Harshavardhan (the then Deputy General Manager, Oriental Insurance Company Limited), v. Shri. Niraj Kumar, (the then General Manager, M/s Oriental Insurance Company Limited), vi. Shri. Chandra Shekhar Tandon, (the then DGM, M/s Oriental Insurance Company Limited) The chargesheet reflects various omissions and commissions while issuing the Insurance Policies in favour of M/s PAPL as under: • Issuance of Policy without a formal request in the prescribed form and issuance based on e-mail request • Acceptance of the risk of PAPL without financials, credit rating. Despite insisting of the financials, PAPL did not provide the same and their non-provision of financials were accepted upon specific instructions from the accused ....
X X X X Extracts X X X X
X X X X Extracts X X X X
.... iii. Allegation No.3: M/s PAPL disposed off, sold/exported aircraft spares, parts hypothecated to the lender banks without their knowledge and consent to M/s AAR Allan Asset Management, USA, M/s MNM Air Craft Component Holdings Inc, USA, M/s Embraer Aviation International France & Others. The money/proceeds so received against such exported spare parts were dishonestly and fraudulently diverted to the accounts of the group companies viz., M/s Paramount Flight Services Private Limited (M/s PFSPL) & M/s Paramount Freight Private Limited (M/s PFPL) and thereby misappropriated the aircraft spare parts and proceeds received thereon. Accordingly, ED recorded the ECIR No. CEZO-I/07/2016 dated 25.05.2016 and initiated investigation for the offence of money laundering. During the investigation ED recorded the statements of suspects and others under Section 50 of PMLA and also collected the documents from the CBI and other sources. On the basis of material on record and being satisfied, ED attached the properties vide PAO No. 02/2019 dated 28.02.2019 and thereafter filed the original complaint no. 1105/2019 before the Adjudicating Authority on 18.03.2019 for confirmation of PAO. ....
X X X X Extracts X X X X
X X X X Extracts X X X X
....ime. However, TVKL failed to respond to any of the notice to hand over the possession. He pointed out that application under Section 9 of Insolvency and Bankruptcy Code, 2016 was filed against the PMPL by M/s Esskay National before NCLT, Chennai. The said application was admitted by NCLT, Chennai and Mr. G. Gunasekaran was appointed as Insolvency Resolution Profession (IRP) vide order dated 20.03.2019 to manage PMPL until the completion of CIRP. Several attempts were made by said Mr. G. Gunasekaran to take custody of the Secured Property, the said TVKL refused to hand over the possession. Thereafter RP filed application before NCLT for assistance and protection to the RP to take over the control and custody of the premises of the CD and its machinery, stock to avoid any loss of machinery or other any movable assets, among others. The NCLT vide order dated 17.07.2019 directed the transfer of custody and control of the secured asset to the RP, which was duly complied with by the appellant, being in possession of the property. In the meantime, appellant was served with PAO No. 2/2019 dated 28.02.2019. Appellant filed the objection before the Adjudicating Authority on 02.07.2019. Ho....