Punjab National Bank V/s The Deputy Director…
Status quo order modified to allow ED to demolish un-mortgaged property; bank to be informed two weeks in advance before ED takes further disposal steps on merit.
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APPELLATE TRIBUNAL, PREVENTION OF MONEY LAUNDERING ACT AT NEW DELHI
MP-PMLA-5519/MUM/2019 (Misc.) MP-PMLA-5012/MUM/2018 (Stay) FPA-PMLA-2570/MUM/2018
Punjab National Bank … Appellant/Applicant Versus The Deputy Director Directorate of Enforcement, Mumbai … Respondent
Advocates/Authorized Representatives who appeared
| For the appellant | : Ms. Nishant Joshi, Mr. Nikhil, Advocate |
|---|---|
| For the respondent | : Mr. Mohd. Faraz, Advocate |
| CORAM JUSTICE MANMOHAN SINGH |
: CHAIRMAN |
ORDER 22.01.2019
FPA-PMLA-2570/MUM/2018
Status quo order with regard to 21 immovable properties was passed on 5th October, 2018. Counsel for the appellant upon instruction submits that out of 28 properties 11 properties are mortgaged with the bank and a huge amount has to be recovered from the Nirav Modi and his family members.
The present application has been filed by the Enforcement Directorate. Mr. Mohd. Faraz counsel appearing on behalf of the respondent submits that the Hon’ble High Court of Bombay by order dated 20th December, 2018 has allowed to demolish the one of the property owned by Sh. Nirav Deepak Modi, the details of said property is GUTT NO. 1033, AT VILLAGE KIHIM, ALIBAUG.
FPA-PMLA-2570/MUM/2018
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Counsel for the appellant has no objection in this regard. He admits that the said property has not been mortgaged with the Bank, however, he submits that bank is entitled in order to recover amount has an interest in the said property.
The status quo order with regard to the above said property is modified to extend allowing ED to demolish the said property.
The present application is filed by the ED has deposed of.
It is clarified after the demolish of the property, no further steps to dispose of the same by the ED shall taken, if ED intents to do so, the bank be informed two weeks in advance as on merit order be passed by this tribunal.
List this appeal on 25th February, 2019.
Order be given dasti to both the parties.
(Justice Manmohan Singh) Chairman
New Delhi,
22nd January, 2019
‘S’
FPA-PMLA-2570/MUM/2018
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Punjab National Bank
The Deputy Director Directorate of Enforcement
Manmohan Singh
As recorded by the court registry
13 orders share this CNR
Judgements on the same questions, provisions and authorities, from every court
