FPA-PMLA-1575/ HYD/2016 of M/s Classic Reality Pvt. Ltd. v/s The Joint Director Directorate of Enforcement, Hyderabad

ATFP7 Feb 2017FPA-PMLA-1575/ HYD/2016

Case brief

AI extract

What is this about?

This stayed the attachment of tangible fixed assets pending the hearing of a stay application filed by the appellant under the Prevention of Money Laundering Act.

What did the court decide?

Stay on the confirmation of attachment of Tangible Fixed Assets detailed in the table, subject to filing of an affidavit regarding rental value by the appellant within two weeks.

FPA-PMLA-1575/ HYD/2016 of M/s Classic Reality Pvt. Ltd. v/s The… — Money Laundering | ATFP (2017)

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APPELLATE TRIBUNAL, PREVENTION OF MONEY LAUNDERING ACT AT NEW DELHI

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MP-PMLA-2990/HYD/2016 (Misc.) MP-PMLA-2991/HYD/2016 (Stay) FPA-PMLA-1575/ HYD/2016

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M/s Classic Reality Pvt. Ltd.

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… Appellant/Applicant

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Versus

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The Joint Director Directorate of Enforcement, Hyderabad

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… Respondent

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Advocates/Authorized Representatives who appeared

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For the appellant : Sh.Guru Krishna Kumar, Sr.Advocate with Sh. Raghenth Basant, Advocate For the respondent : Sh. S.A. Saud, Advocate CORAM JUSTICE MANMOHAN SINGH : CHAIRMAN SHRI KAUSHAL SRIVASTAVA : MEMBER SHRI ANAND KISHORE : MEMBER

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ORDER 07.02.2017

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FPA-PMLA-1575/ HYD/2016

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Fresh appeal has been filed by the appellant. Issue notice to the respondent. Mr. S.A. Saud, learned counsel for the respondent accepts notice and seeks time to file the reply. Let the reply be filed within six weeks with an advance copy to the learned counsel for the appellant who may file the rejoinder within four weeks thereafter.

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List for consideration on 15^th May, 2017, the date already fixed in other matters. Both the parties are allowed to file the written synopsis on or before the next date of hearing.

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MP-PMLA-2991/HYD/2016 (Stay)

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Along with the appeal the present application for stay has been filed by the appellant.

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FPA-PMLA-1575/HYD/2016

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Page 1 of 3

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The following properties were attached by confirmation of

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impugned order:-

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Sl. No.	Description of theproperty	Amount	Name of theparty
1.	Tangible Fixed Assets as detailed in Note 8 of the Audited Balance Sheet for 2013-14 (Includes company’s asset-Building names commerce @ Mantri, Bannerghatta Road, Bangalore)	49,45,62869	M/s Classic Reality Private Ltd.
2.	Tangible Fixed Assets as detailed in the Standalone Financial Statement for 2014-15 ( includes Company’s asset at 9680 square yards of land at Sy No. 101/E(old No. 101), Katedan Village Rajendra Nagar Mandal, Ranga Reddy District	8,11,32,200	M/s Nivish Infrastructure Private Limited.
3.	Tangible Fixed Assets as detailed in the Audited Balance Sheet for 2013-14 (includes company’s asset Sakshi Towers, Road No. 1, Banjara Hillsm Hyderabad)	43,70,40,763	M/s Shalom Infrastructure Pvt. Ltd.
4.	Tangible Fixed Assets as detailed in the Audited Balance Sheet for 2013-2014	1,53,98,518	M/s Marvel Infrastructure Pvt. Ltd.
5.	Tangible Fixed Assets as detailed in the Audited Balance Sheet for 2014-15 (includes company’s asset Ac. 32-31 gts of land in Sy Nos. 10/2, 11/2, 18/1, 19/1, 20 Sardar Nagar Revenue Village, Maheswaram Mandal,Ranga ReddyDistrict.	6,46,24,130	M/s Inspire Hotels Pvt. Ltd.

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The learned counsel appearing on behalf of the appellant for the time being pressing the interim order in relation to the property no. 1,3 &

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Issue notice of the application to the respondent. Mr. S.A. Saud, learned counsel for the respondent accepts notice and seeks time to file the reply. Reply be filed within two weeks with an advance copy to the learned counsel for the appellant. Rejoinder be filed one week thereafter. List this application for hearing on 7^th March, 2017.

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FPA-PMLA-1575/HYD/2016

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Page 2 of 3

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Mr. S.A. Saud, learned counsel for the respondent is opposing the prayer made by the learned counsel for the appellant. After small hearing, the learned counsel for the appellant is agreeable to file the affidavit containing the details of the rental value/occupation charges by filing of the affidavit within two weeks from today with regard to property no. 1. The said affidavit will also contain the copies of the agreement in order to show that how much rent is being received by the appellant from tenants. An advance copy of the affidavit be given to the learned counsel for the respondent with a copy to the concerned Zonal Office who may verify the same on or before the next date. Till the next date, subject to the filing of the affidavit the status quo shall be maintained by the parties. The appellant undertakes not to dispose off or transfer the properties as per details mentioned in para 4 of our order in any manner directly or indirectly.

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List on 7^th March, 2017.

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Copy of the order be given ‘dasti’.

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(Justice Manmohan Singh) Chairman

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(Kaushal Srivastava) Member

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(Anand Kishore)

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Member

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New Delhi, 7^th February, 2017

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‘R’

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FPA-PMLA-1575/HYD/2016

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Page 3 of 3

FPA-PMLA-1575/ HYD/2016 of M/s Classic Reality Pvt. Ltd. v/s The Joint Director Directorate of Enforcement, Hyderabad

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FPA-PMLA-1575/ HYD/2016 of M/s Classic Reality Pvt. Ltd. v/s The Joint Director Directorate of Enforcement, Hyderabad

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