TaxTMI 
TaxTMI 
2026 (9) TMI 474
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....tion under the Act of 2002. It was after registration of the FIR No. RCA1/2020/A0004 dated 12.03.2020 involving offences under section 120B read with Section 420 of the Indian Penal Code, 1860 and Section 7, 11 and 12 of the Prevention of Corruption Act, 1988. The FIR was containing allegation for commission of offences of cheating, criminal conspiracy and receipt of illegal gratification by Shri Rana Kapoor from M/s Avantha Reality Ltd. ('ARL') in the form of property in question. The property aforesaid was acquired at a much lesser value than the realizable market rate. The allegation in the FIR was mainly against Shri Rana Kapoor, the then Managing Director-cum-Chief Executive Officer of Yes Bank Ltd. ('YBL') who alleged to have obtained illegally gratification for extending concessions, relaxations and waivers in the existing credit facilities to Avantha Group of companies and for advancing new/additional loans to them. The criminal conspiracy was entered into by Shri Rana Kapoor with his wife, Smt. Bindu Kapoor, Director of M/s Bliss Abode Private Ltd. ('BAPL') and Shri Gautam Thapar, promoter of AG Companies for the purpose of obtaining illegal gratification. 3. The invest....
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....as clearly under stress and not eligible for any loan. ARL had outstanding liabilities of Rs. 690 Crore and Rs. 643 Crore respectively with YBL and were reporting losses. BGPPL too was under stress with outstanding liabilities of Rs. 643 Crore with YBL. 6. YBL had already extended credit facilities to the tune of Rs. 2500 Crore approx. to various AG companies prior to granting of loan of Rs. 400 Crore to ARL. Most of these loans were under stress and as part of the conspiracy, various concessions, relaxations and waivers were extended by Shri Rana Kapoor to ARL group of companies relating to credit facilities. 7. The loan of Rs. 400 Crore was utilized to repay the outstanding loans of ICICI bank and DCB taken by AHL. After the repayment, charge of above property at 40, Amrita Shergill Marg, New Delhi was created in favour of YBL against the said loan of Rs. 400 Crore to ARL. The valuation of the Property at the time of sanction i.e. March, 2016 was at Rs. 550 Crore (as per Valuation Report with ICICI Bank). Further, as per YBL sanction Credit Appraisal Memorandum (CAM), the estimated value of the property was shown as Rs. 500 Crore. Shri Rana Kapoor, as MD and CEO of YBL was ....
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...., in the month of April 2017. ARL applied to YBL for obtaining NOC for selling the property against above offer in the month of June, 2017. Pursuant to the said application and on the instructions of Shri Rana Kapoor, YBL gave NOC to ARL in the month of June 2017 with a condition that full repayment of dues of Rs. 408 Crore plus accrued interest towards the outstanding dues of ARL to be credited in the above said loan account of ARL. The above said NOC was issued based on the offer given by Inter Globe. An amount of Rs. 33.82 Crore was received in account of ARL with YBL on August 8, 2017 from AHL, with the remaining amount envisaged from the sale proceeds of the said property. 12. In furtherance to the said conspiracy, on August 29, 2017, the purchase offer by Inter Globe was withdrawn for unexplained reasons and immediately thereafter on August 31, 2017, ARL received an offer of buying above property from M/s Bliss Abode Pvt. Ltd., at a price of Rs. 378 Crore. Smt. Bindu Kapoor, wife of Shri Rana Kapoor, is one of the directors of above company. MCC headed by Shri Rana Kapoor, MD and CEO of YBL readily agreed to the said offer of M/s Bliss Abode Pvt. Ltd. and issued NOC to ARL....
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.... the Bank's code of conduct as well as the provisions of the Companies Act, 2013. This appears to have been done with an ulterior motive to acquire above property as illegal gratification by securing it at a lower price for various favours extended by Shri Rana Kapoor to AG companies. 16. Two other companies related to Smt. Bindu Kapoor, wife of Shri Rana Kapoor, namely, M/s Imagine Estate Pvt. Ltd. And M/s Imagine Home Pvt. Ltd. took further loans totaling to Rs. 310 Crore from IBHFL by placing property at 40, Amrita Shergill Marg, New Delhi as collateral. These loan agreements are dated September 5, 2018. Hence a total loan of Rs. 685 Crore had been obtained by companies from IBHFL by placing above property as collateral. 17. YBL headed by Shri Rana Kapoor did not press for sale of any other property of Avantha group companies kept as collateral for the purpose of recovering outstanding loans even when other loans of AG companies became stressed and declared NPA. YBL at the instance of Shri Rana Kapoor rather extended further credits of Rs. 515 Crore to M/s Oyster Build well Pvt. Ltd. and of Rs. 650 Crore to M/s Solaris Chemtech Industries Ltd. after above property at 4....
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....pproached the High Court of Delhi vide OMP (I) (Comm) No. 72/2021 for an interim order under Section 9 of the Arbitration and Conciliation Act, 1996. An interim order was passed restraining therein the respondent before the High Court to create third-party interest over the property in question. The financial institution - Indiabulls even issued notice under Section 13(2) of the SARFAESI Act of 2002 after declaration of the loan account to be NPA and the financial institution even invoked arbitration clause under Section 21 of the Arbitration and Conciliation Act, 1996. The PAO was passed on 09.07.2020 i.e. much subsequent to the interim order of the High Court of Delhi. The impugned order does not disclose any apprehension of alienation or transfer of the property so as to frustrate the proceedings of the confiscation. 22. In the light of the above, the impugned order would not sustainable. It is with the frank admission that the issue aforesaid was not taken effectively by the appellant but being a legal issue, it was raised orally. It is with the statement that though Arbitration award has been passed for a sum of Rs. 453,75,24,066/- along with the interest but no order for e....
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....vity. Findings of the Tribunal: 30. I have considered the rival submissions made by the Ld. Counsel for the parties and scanned the matter carefully. 31. Elaborate arguments have been made by the respective parties and have been recorded in the opening paras of this order. The FIR was registered by the CBI finding a case causing offence under section 120B read with Section 420 of the Indian Penal Code, 1860 and Section 7, 11 and 12 of the Prevention of Corruption Act, 1988. It was mainly against the receipt of illegal gratification by Mr. Rana Kapoor of YBL from ARL in the form of the property under provisional attachment. A detailed fact pertaining to the loan arrangement has been given which was by applying method of rent discounting. The serious allegations have been made to seek discounting after involving different rent deeds showing rent of the property to be Rs. 65 Crore per annum just few months prior to the advancement of the loan. It was, otherwise, on rent at a sum of Rs. 1.02 Crore per annum just prior to the new lease agreement. The complete facts relevant to the case to show involvement of the accused in money laundering has been given. However, Ld. Counsel f....