TaxTMI 
TaxTMI 
2025 (5) TMI 2257
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....n Ms. Ridhi Kapoor ORDER A batch of appeals has been filed to challenge the order dated 25.09.2023 passed by the Adjudicating Authority confirming the Provisional Attachment Order ("PAO"). Brief facts of the case: 2. It is a case where 23 FIRs were registered by EOW, Delhi Police, Haryana and U.P. Police against M/s Supertech Limited (in short "M/s STL") and its group companies under Section 120B read with Sections 406, 420, 467 & 471 of Indian Penal Code, 1860. Those FIRs were lodged by the buyers of the properties of STL. 3. It was alleged that M/s STL, M/s Supertech Township Project Limited, M/s Revital Realty Pvt. Ltd. Sarv Relators Pvt. Ltd., DSC Developers Pvt. Ltd. indulged in the criminal conspiracy to cheat people by....
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.... from M/s STL for purchase of land and accordingly ASP Sarin Pvt. Ltd. purchased the lands for real estate project in Sector-68 and Sector-79, Gurugram, Haryana. The development rights of the land were given to M/s STL along with right to mortgage in which ASP Sarin Pvt. Ltd. had given corporate guarantee to raise loan for M/s STL. 5. The statement made a reference to the mortgage of the land to L & T Finance and IndiaBulls Housing Finance Limited for securing term loan for M/s STL. Further statement of Shri Yogesh Goswami, Director of ASP Sarin Reality Pvt. Ltd. was also recorded under Section 50 of the Act of 2002, who stated that ASP Sarin Reality Pvt. Ltd. was land holding company for M/s STL and no operation has been undertaken thro....
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....res in lieu of pending share application and money subscribed by him in DBPL. It was, however, revealed that M/s STL regularly transferred the money out of the funds collected from the customers in the form of advances to other group companies having no worth and otherwise loan was without interest whereas the amount taken from R K Arora was repayable with interest @ 24% per annum. The type of arrangement between M/s STL and R K Arora revealed a scheduled offence with the homebuyers and accordingly an order for provisional attachment was made. It was ignoring the fact that so far as the appellants are concerned they are not involved in commission of offence and therefor no reason to attach their properties. The prayer was made to set-aside ....
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....ellants for the sake of brevity. Findings of the Tribunal: 10. The fact narrated in the opening paras shows that 23 FIRs were registered against the accused Company and its Directors from time to time for commission of offence under Section 120B read with Section 406, 420, 467 and 471 of IPC. The allegation there has been made by the homebuyers for cheating and fraud with them. After taking booking amount, the Company failed to deliver the flats within time or otherwise. After registration of series of FIRs, ECIR was recorded by the respondent where it was found that the main accused company, M/s STL has diverted the funds to cheat the innocent public and laundered the funds to make out a case under Section 3 of the Act of 2002. 11....
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....nterest was charged or payable and therefore it also remained to the loss of the homebuyers who booked the flats with M/s STL. 13. A complete trail for diversion of funds has been reflected in the impugned order. In the Forensic Audit Report, auditors observed large scale irregularity with regard to utilization of the funds (working capital) received from the bank and otherwise investment by the homebuyers. There was unusual increase in the debtors, vendor payment mismanagement and non-compliance with fund utilization requirements and many other irregularities in the account and non-compliance of statutory compliance. After forensic audit, bank declared loan accounts to be NPA and rendered those accounts to be fraud. On the scrutiny of t....