Allowed
FPA-PMLA-1006/MUM/2015 of Ace Card Power Pvt. Ltd. v/s The Joint Director Directorate of Enforcement, Mumbai
ATFPFPA-PMLA-1006/MUM/2015
Case brief
AI extract
What is this about?
The Tribunal quashed provisional attachment orders against properties of Nilesh J. Thakur and group companies. It held funds were clean, sourced from a valid contract, and admitted to the ED. Relying on Section 5 PMLA and subsequent ITAT orders confirming legitimacy, the Tribunal set aside the attachment.
What did the court decide?
The impugned orders confirming attachment were set aside and the provisional attachment orders were quashed.