Disposed

FPA-PMLA-1051/LKW/2015 of Central Bank of India v/s The Deputy Director Directorate of Enforcement, Chennai

ATFP1 Mar 2017FPA-PMLA-1051/LKW/2015

Case brief

AI extract

What is this about?

The Appellate Tribunal, Prevention of Money Laundering Act, disposed of a miscellaneous application filed by Central Bank of India seeking leave to sell a seized vehicle. The court permitted joint disposal of the vehicle by the bank and respondent to realize proceeds, reserving questions on deposit of amount for future hearing.

What did the court decide?

Allowed joint disposal of the seized vehicle by the appellant and respondent to realize sale proceeds.

FPA-PMLA-1051/LKW/2015 of Central Bank of India v/s The Deputy… — Money Laundering | ATFP (2017)

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APPELLATE TRIBUNAL, PREVENTION OF MONEY LAUNDERING ACT AT NEW DELHI

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MP-PMLA-2399/LKW/2016 (Misc) FPA-PMLA-1051/LKW/2015

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Central Bank of India … Appellant/Applicant

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Versus

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The Deputy Director Directorate of Enforcement, Chennai

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… Respondent

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Advocates/Authorized Representatives who appeared

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For the appellant	:	Shri S.L Gupta, Advocate
For the respondent	:	Shri Nitesh Rana, Advocate Shri Manish Jain, Advocate
CORAM
JUSTICE MANMOHAN SINGH	:	CHAIRMAN
SHRI KAUSHAL SRIVASTAVA	:	MEMBER
SHRI ANAND KISHORE	:	MEMBER

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ORDER 01.03.2017

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MP-PMLA-2399/LKW/2016 (Misc)

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By this order we propose to decide the present application. The brief facts are that in the year 2013 one Mr. Chandan Kumar applied to the bank for vehicle loan to the tune of Rs. 10,48,000/- for purchase of the vehicle. The loan was sanctioned by the appellant bank on 07^th March, 2013 which was secured with the hypothecation charge over the said vehicle in which it was mentioned, that the Bank has the right to take over the possession of the vehicle in case the respondent did not repay the said loan. The respondent admittedly was unable to repay the loan and as per the terms of the agreement the account soon turned into a non-performing asset due to the charge which was invoked by the Appellant bank. The possession of the said vehicle was taken on 11^th August, 2014. The charge sheet is filed against the Respondent No. 2. The matter is still pending under the Schedule Offence.

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FPA-PMLA-1051/LKW/2015

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Page 1 of 2

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The application has been filed by the appellant bank that it may be allowed to sell the vehicle and realise the sale proceeds. After small hearing, both the parties are agreeable that as far as vehicle is concerned the same be disposed of jointly by the appellant as well as the respondent. The learned counsel for the appellant submits that whenever a step is taken by the appellant, the information will be given to the respondent No. 1 so that maximum price be realized on selling the said vehicle. As far as the deposition of the amount is concerned after selling the car, the same issue will be considered on the next date. In the meanwhile, the appellant shall take necessary steps in question. They will give all the relevant notices to the respondent during the process so that in case of any objection, the same may be raised as per circumstances of the case. MP is disposed of.

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List the matter on 27^th April, 2017.

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FPA-PMLA-1051/LKW/2015

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Order be given ‘dasti’ to the parties.

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Re-notified on 27^th April, 2017.

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(Justice Manmohan Singh) Chairman

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(Kaushal Srivastava) Member

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(Anand Kishore) Member

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New Delhi,

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01^st March, 2017

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‘A’

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FPA-PMLA-1051/LKW/2015

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Page 2 of 2

FPA-PMLA-1051/LKW/2015 of Central Bank of India v/s The Deputy Director Directorate of Enforcement, Chennai

Case brief

What is this about?

What did the court decide?

FPA-PMLA-1051/LKW/2015 of Central Bank of India v/s The Deputy Director Directorate of Enforcement, Chennai

Case brief

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What did the court decide?

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