TaxTMI 
TaxTMI 
TaxTMI 
2025 (5) TMI 2258
X X X X Extracts X X X X
X X X X Extracts X X X X
..... Jeevika Dhayani, Advocate, Mr. Prasant Patil, Advocate, Mr. Siddharth Agarwal, Sr. Advocate, Mr. Ashwani Taneja, Mr. Prashant Patil, Mr. Ayush Saini and Mr. Khushal Saini For the Respondent(s) : Mr. Anubha Bhardwaj, Advocate, Mr. Ayush Singh Dhami, Advocate, Mr. Astik Dubey, Advocate Ms. Ridhi Raman, Advocate Ms. Ridhi Kapoor, Advocate ORDER The appeal has been filed to challenge the order dated 10.09.2021 passed by the Adjudicating Authority confirming the attachment of the properties in the hands of the appellant, M/s Viva Holdings. The attachment of the properties are in the hands of other defendants also but this appeal against the Provisional Attachment Order is by M/s Viva Holdings and other appeals are against the seizure ....
X X X X Extracts X X X X
X X X X Extracts X X X X
....2016 in the name of M/s Mack Star. Most of the loans taken in the name of M/s Mack Star were used to discharge the liabilities owed by the HDIL Group and Wadhawan to Yes Bank. 4. It was also revealed that though M/s Mack Star was advanced loan of Rs. 200.3 Crores but only a sum of Rs. 138 Crores was credited in their account and remaining Rs. 64 Crores were directly transferred for settlement of the liabilities of HDIL Group to Yes Bank. Out of the remaining amount Rs. 135 Crores was also transferred to bank account of HDIL and M/s Privilllage Power and Infrastructure Private Limited along with M/s Sapphire Land Development Private Limited, all HDIL group companies on the date of disbursement of loan by the Yes Bank accounts. Those group....
X X X X Extracts X X X X
X X X X Extracts X X X X
....ey of loan obtained for fictitious purpose in the name of M/s Mack Star and used to clear their dues of Yes Bank. 7. So far as fact relevant to the case of the appellant is concerned, it had purchased the properties in the newly constructed building 'Kaledonia' from the disclosed source in view of the fact that M/s Viva Holdings was involved in acquisition of land for HDIL and its group companies since 2003. As against acquisition of the land, M/s Viva Holdings was to receive consideration of Rs. 500 crores from HDIL and Rs. 1800 Crores from other HDIL group companies. Four agreement were entered between M/s Viva Holdings and HDIL. The amount aforesaid remained unpaid in the hands of HDIL and its associate companies. Thus, a settlement w....
X X X X Extracts X X X X
X X X X Extracts X X X X
....ellants have unnecessarily been implicated while they had nothing to do with the affairs of Wadhawans and its associate entities vis-à-vis M/s Mack Star pertaining to loan of Rs. 200.3 Crores and after advancement of loan by the Yes Bank, diversion of the funds for the purpose than it was obtained. In fact, the purpose to obtain the loan was also fictitious but it was in the hands of Wadhawans and its company HDIL. 11. The appellant acted bona fiedly to secure their dues of Rs. 500 Crores and another Rs. 1800 Crores from HDIL and its entities and accordingly to settle the same part of dues, two office units were offered to the appellant. In fact, the appellant had preferred an Interlocutory Application before the National Company ....
X X X X Extracts X X X X
X X X X Extracts X X X X
....against the closure report and accordingly an order was passed by the Court and has been placed on record. In the light of the aforesaid, no matter remains pending against the appellant and otherwise the main case registered by M/s Mack Star and M/s Ocean Deity in reference to the loan advanced by Yes Bank at the instance of Shri Rakesh Wadhawan and siphoned off by him through HDIL and its entities to pay off the loan amount of Yes Bank by round tripping of the account is pending where the appellant has not assigned any role, rather, it is totally stranger to the main Criminal case. 14. The appeal has been filed basically for clarification, otherwise, the appellant having returned two office units to the complainants, M/s Mack Star and M....
X X X X Extracts X X X X
X X X X Extracts X X X X
....pellants in the facts and circumstances of the case. 17. Accordingly in all the connected three appeals, a challenge has been made to the order dated 06.09.2021 in reference to OA No. 447 / 2021 which involves seizure and freezing of the cash and other articles. In so far as Mr. Mehul Thakur and Shri Suresh Subramanian are concerned, they were the Directors of the Company, thus preferred the connected appeals in reference to the action under Section 17(1) of the Prevention of Money Laundering Act, 2002 and retention order of the Adjudicating Authority. 18. M/s Viva Holdings and other appellants have challenged seizure of the documents and records with cash of Rs. 4,16,000/- along with digital devices and amount of 63,00,000/- from the....