Partly allowed

FPA-PMLA-2987/NGP/2019 of Asset Care & Reconstruction Enterprise Ltd. v/s The Deputy Director Directorate of Enforcement & Ors., Nagpur

ATFP5 Apr 2019FPA-PMLA-2987/NGP/2019

Case brief

AI extract

What is this about?

The Appellate Tribunal condoned a delay of 61 days in filing an appeal under the PMLA. The court directed the issuance of notice for hearing and maintained status quo on mortgaged properties pending the appeal's adjudication.

What did the court decide?

Delay of 61 days condoned; notice issued for hearing on 7th May, 2019; status quo maintained on mortgaged property.

FPA-PMLA-2987/NGP/2019 of Asset Care & Reconstruction Enterprise… — Money Laundering | ATFP (2019)

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APPELLATE TRIBUNAL FOR SAFEMA, FEMA, PMLA, NDPS & PBPT ACT AT NEW DELHI

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MP-PMLA-5945/NGP/2019 (Exem.) MP-PMLA-5925/NGP/2019 (Stay) MP-PMLA-5926/NGP/2019 (Misc.) MP-PMLA-5927/NGP/2019 (COD) FPA-PMLA-2987/NGP/2019

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Asset Care & Reconstruction Enterprise Ltd. … Appellant Versus The Deputy Director Directorate of Enforcement & Ors., Nagpur … Respondent

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Advocates/Authorized Representatives who appeared

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For the Appellants : Shri Dharam Dev, Advocate For the Respondent : Ms. Shilpi Satyapriya Satyam, Advocate CORAM JUSTICE MANMOHAN SINGH : CHAIRMAN SHRI G.C. MISHRA : MEMBER

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ORDER 05.04.2019

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FPA-PMLA-2987/NGP/2019, MP-PMLA-5945/NGP/2019 (Exem.), MPPMLA-5925/NGP/2019 (Stay), MP-PMLA-5926/NGP/2019 (Misc.) & MP-PMLA-5927/NGP/2019 (COD)

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The fresh appeal has been filed by the Bank against the order dated 4^th of December, 2018. Along with the appeal, the application for Condonation of Delay of 61 days has also been filed.

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Paragraph 1 to 5 of the application reads as under :-

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(i) That the appellant is assignee of the Assignor Axis Bank Ltd. which have to recover huge amount from the defaulter JPIL (The respondent no.2). The appellant alongwith other consortium members have secured interest in subject properties as those are mortgaged in favour of the Appellant (Being Assignee of Axis Bank Ltd.) and other Consortium

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FPA-PMLA-2987/NGP/2019

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Page 1 of 3

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Lenders. The Appellant and other lenders have security interest in the said properties.

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(ii) That the Appellant has preferred the accompanying appeal which is pending for adjudication. All the facts are not being repeated for the same of brevity and the same may be read as part and parcel of this Application.

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(iii) That the impugned order dated 4.12.2018 was received by Axis Bank Ltd. and was forwarded to us only in March 2019 and was received on 1.3.2019. On enquiry Bank has disclosed that it had received the impugned order on 11.12.2019 but has sent the same only in the end of February 2019 to reach the appellant only on 1.3.2019.

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(iv) That on receipt of order dated 4.12.2019, a Counsel was engaged and efforts were made to file appeal at the earliest.

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(v) That the present appeal is being filed within 45 days from the date of receipt at its end but there is delay in filing appeal, if calculated from 4.12.2018 or 11.12.2018 as received by Axis Bank Ltd.

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Heard both the parties. Admittedly, no notice under Section 8 was issued to the appellant before confirmation of the PAO. It is submitted by the learned Counsel for the respondent that the connected matters are coming up on 7^th May, 2019 where the status quo order has been passed. For the reason stated in the application for condonation of delay, the delay is condoned. The M.P. is disposed of.

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FPA-PMLA-2987/NGP/2019

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Page 2 of 3

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Issue notice to the appeal for 7^th of May, 2019.

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In the meanwhile, the ‘ status quo’ shall be maintained with regard

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to the mortgaged property.

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Copy of the order be given ‘Dasti’ to both the sides.

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(Justice Manmohan Singh) Chairman

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(G.C. Mishra) Member

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New Delhi, 05^th April, 2019

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‘r’

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FPA-PMLA-2987/NGP/2019

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Page 3 of 3

FPA-PMLA-2987/NGP/2019 of Asset Care & Reconstruction Enterprise Ltd. v/s The Deputy Director Directorate of Enforcement & Ors., Nagpur

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FPA-PMLA-2987/NGP/2019 of Asset Care & Reconstruction Enterprise Ltd. v/s The Deputy Director Directorate of Enforcement & Ors., Nagpur

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