2026 (4) TMI 1007

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....der) in Original Complaint No. 1187/2019 (OC) passed by the Ld. Adjudicating Authority (AA) under the Prevention of Money Laundering Act, 2002 (PMLA). The Provisional Attachment Order No. 04/2019 (PAO) dated 09.08.2019 was confirmed vide the Impugned Order. The alleged proceeds of crime amounting to Rs. 190,36,77,679/- (Rupees one hundred ninety crore thirty-six lakh seventy-seven thousand six hundred seventy-nine) acquired out of export of iron ore and sale of iron ore in domestic market were not available and therefore, "property equal to the value thereof", in terms of the provision of Section 2(1)(u) of the PMLA, was attached. Thus, the following properties in the name of M/s Usha Martin Ltd. were attached: Sl. No. Deed No. & Date....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....tructions submits that the client is not inclined to press the Appeal for challenge to the Impugned Order and Application No. 5113 of 2025 to that effect has been filed on 10.11.2025. Ld. Counsel for the Appellant brought to notice the Order dated 31.01.2020 of this Tribunal, whereby it was ordered: "Heard both sides. The appellant has produced sufficient material in support of its case. First of all, the property acquired in the year 1961 and 1974 respectively and that the appellant is running a factory producing steel wire and rope for more than fifty years. More than four thousand employees are engaged in the factory. The properties are not attached as a direct proceeds of crime but as properties equivalent to the proceeds of cr....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ellant is entitled to continue with his possession and enjoyment. Ld. Counsel urged that since the same issues will be contested before the Ld. Special Judge in the prosecution proceedings under PMLA, the disposal of the present Appeal in the manner prayed for, would avoid multiplicity of litigation. In this regard, Ld. Counsel cited the following excerpts of the Judgment of the Hon'ble Supreme Court in Vijay Madanlal Choudhary vs. Union of India [(2023) 12 SCC 1]: "179. The other grievance of the petitioners is in reference to the stipulation in sub-section (4) of Section 8 providing for taking possession of the property. This provision ought to be invoked only in exceptional situation keeping in mind the peculiar facts of the cas....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ut also result in the closure of ongoing steel wire and wire rope manufacturing unit that support the livelihood nearly 4000 workers and family. Ld. Counsel drew attention to paragraph 21 of the said Application whereby the Appellant has undertaken that it shall not transfer the attached property to any third parties in any manner. It shall also not create any encumbrances on the attached properties, unless it is acquitted in the prosecution proceedings under PMLA pending before the Ld. Special Judge, Ranchi and the attached properties are declared to be untainted. He therefore pleaded to dispose of the Appeal and the Applications accordingly. 5. Ld. Counsel for the Respondent while expressing no objection to the prayer of the Ld. Counse....