FPA-PMLA-2267/JP/2018 of M/s Kamal Sponge Steel & Power Ltd. v/s The Deputy Director Directorate of Enforcement, Jaipur

ATFP3 May 2018FPA-PMLA-2267/JP/2018

Case brief

AI extract

What is this about?

The Appellate Tribunal listed an appeal under Section 26 of the PMLA challenging an attachment order. Counsel for the appellant requested permission to operate attached plant and machinery to prevent asset devaluation. The Tribunal adjourned the substantive hearing and listed the stay application for a future date, directing parties to submit written submissions.

What did the court decide?

Listed for future consideration; no adjournment order granted regarding operation of assets.

FPA-PMLA-2267/JP/2018 of M/s Kamal Sponge Steel & Power Ltd. v/s… — Money Laundering | ATFP (2018)

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APPELLATE TRIBUNAL, PREVENTION OF MONEY LAUNDERING ACT AT NEW DELHI

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MP-PMLA-4402/ JP/2018 (E.H.) MP-PMLA-4403/ JP/2018 (Stay) FPA-PMLA-2267/JP/2018

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M/s Kamal Sponge Steel & Power Ltd … Appellant Versus The Deputy Director Directorate of Enforcement, Jaipur … Respondent

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Advocates/Authorized Representatives who appeared

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For the appellant	: Shri Arun Kumar Agarwal, Advocate
For the respondent	: Shri Neeraj Atri, Advocate
CORAM
JUSTICE MANMOHAN SINGH	: CHAIRMAN
SHRI G.C. MISHRA	: MEMBER

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ORDER 03.05.2018

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FPA-PMLA-2267/JP/2018

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The above mentioned appeal has been filed under Section 26 of Prevention of Money Laundering Act, 2002 challenging the order dated 22^nd March, 2018. After passing the order, the respondent had issued a notice dated 11^th April, 2018 to take the possession of the immovable properties including the Plant and Machinery of the appellant. Alongwith the appeal the application for stay has been filed.

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Immovable Properties:

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FPA-PMLA-2267/JP/2018

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Page 1 of 2

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S. No.	Details of Propety	Depreciated value of fixed tangible assets as per balance sheet as on 31.03.2016 (in Rs.)	Less depreciation as per schedule XIV, rates of depreciation as taken from latest balance sheet filed by the company	Depreciated as per sch XIV, rates deprecations take from balance shee by the co (Rs.)	Value of attached Immovable/Fixed/ Tangible assets (Rs.)
(a)	(b)	(c)	(d)	(e)	(f)
1	Land	5,00,752		5,00,752	5,00,752/-
2	Plant & Machinery	22,85,19,804	5.28%	21,64,53,958	To the extent of Rs. 13,83,37,560/-
3	P&M (Power Plant)	18,92,87,486	15.33%	16,02,69,714	16,02,69,714/-
	Total				29,91,08,026/-

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The counsel for the appellant states that the appellant be permitted to operate the plant and machinery, which is item no. 2 of the table, till the appeal is decided otherwise the said plant and machinery will become junk.

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Mr. Atri, Advocate appearing on behalf of the respondent accepts notice in the appeal as well as in the stay application. He states that he can’t make any statement without the instruction of the concerned I.O. The reply should be filed within six weeks. Rejoinder to be filed within four weeks thereafter.

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List the appeal on 12^th September, 2018.

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MP-PMLA-4403/ JP/2018 (Stay)

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List the application of stay for consideration on 30^th May, 2018.

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Copy of the order to be given ‘ dasti’ to both the parties.

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(Justice Manmohan Singh) Chairman

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(G.C. Mishra)

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Member

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New Delhi, 3^rd May, 2018

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‘K’

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FPA-PMLA-2267/JP/2018

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FPA-PMLA-2267/JP/2018 of M/s Kamal Sponge Steel & Power Ltd. v/s The Deputy Director Directorate of Enforcement, Jaipur

Case brief

What is this about?

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FPA-PMLA-2267/JP/2018 of M/s Kamal Sponge Steel & Power Ltd. v/s The Deputy Director Directorate of Enforcement, Jaipur

Case brief

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What did the court decide?

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