Disposed

FPA-PMLA-732/LKW/2014 of M/s Amr Infrastructure Ltd. v/s The Deputy Director Directorate of Enforcement, Lucknow

ATFP30 May 2017FPA-PMLA-732/LKW/2014

Case brief

AI extract

What is this about?

The Tribunal disposed of a stay application challenging an order permitting the sale of a seized vehicle by a bank to realize a loan, directing cooperation on the auction process.

What did the court decide?

The sale proceeds issue was deferred for later consideration; parties directed to cooperate for the auction.

What the court decided

FPA-PMLA-732/LKW/2014 of M/s Amr Infrastructure Ltd. v/s The… — Banking and Recovery | ATFP (2017)

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APPELLATE TRIBUNAL, PREVENTION OF MONEY LAUNDERING ACT AT NEW DELHI

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MP-PMLA-1494/LKW/2015 (Stay) in FPA-PMLA-732/LKW/2014

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M/s AMR Infrastructure Ltd. … Appellant/Applicant

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Versus

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The Deputy Director Directorate of Enforcement, Lucknow … Respondent Advocates/Authorized Representatives who appeared For the appellant : Divya Chaugh, Advocate For the respondent for 2-5 : Shri Dharam Dev, Advocate Sh. CORAM JUSTICE MANMOHAN SINGH : CHAIRMAN SHRI KAUSHAL SRIVASTAVA : MEMBER SHRI ANAND KISHORE : MEMBER

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ORDER

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30.05.2017

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FPA-PMLA-732/LKW/2014

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1^st March 2017 the following order was passed as under:

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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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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

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FPA-PMLA-732/LKW/2014

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Page 1 of 2

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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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Due to the oversight the appellant was mentioned as Central Bank of India instead of State Bank of India. The counsel for the appellant submits that the auction of the vehicle would be fixed during the first week of July, 2017 in order to comply with the order dated 1^st March, 2017 with full information to the respondent. We direct that both the parties cooperate with each other so as to comply with the order.

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List on 23^rd August, 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, 30^th May, 2017

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‘K’

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FPA-PMLA-732/LKW/2014

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FPA-PMLA-732/LKW/2014 of M/s Amr Infrastructure Ltd. v/s The Deputy Director Directorate of Enforcement, Lucknow

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FPA-PMLA-732/LKW/2014 of M/s Amr Infrastructure Ltd. v/s The Deputy Director Directorate of Enforcement, Lucknow

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