Allowed
FPA-PMLA-1072/KOL/2015 of Union Bank of India v/s The Deputy Director Directorate of Enforcement, Kolkata
ATFPFPA-PMLA-1072/KOL/2015
Case brief
AI extract
What is this about?
The Tribunal allowed appeals filed by banks and borrowers against the confirmation of provisional attachment orders. It held that properties mortgaged to banks before alleged crimes, acquired from clean funds, cannot be proceeds of crime. The banks were entitled to priority as secured creditors, and the attachment was set aside.
What did the court decide?
The impugned order dated 02.07.2015 and provisional attachment order dated 04.02.2015 are set aside. All eight properties are released from attachment.