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TMI Blog2018 (7) TMI 341X X X X Extracts X X X X X X X X Extracts X X X X ..... ioned at serial no. 2 of the schedule of property was the property of IDCO and the payment of ₹ 1,00,00,000/- (Rupees One Crore only) was made much before the disbursement of the first installment of loan by United Bank of India and hence, the amount of ₹ 1,00,00,000/- (Rupees One Crore only) was not out of the “proceeds of crime”. There is nothing to show or suggest as to how the provisional allotment dated May, 18, 2009 for ₹ 1,00,00,000/- ( Rupees One Crore only) and its payment on 24.12.2009 which is even much before the application for loan made by M/s Ignis Technology Solution Pvt. Ltd. to the Bank could be the outcome of proceeds of crime justifying provisional attachment and confirmation. The reasoning of the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... oncerned with the case of other defendant no. 1 to 5 before the adjudicating authority. If they would challenge the orders, their case would be decided as per its own merit. 4. The facts of the case are that under the reasonable belief that certain properties derived out of Proceeds of Crime, as defined under section 2 (1)(u) of the Act, are required to be attached, the complainant/respondent herein, issued Provisional Attachment Order No. 20/2017 dated 03.01.2017 in ECIR/02/BGZO/2015 dated 12.01.2015, for provisional attachment of the property of the appellant as mentioned below. All the piece and parcel of land appertaining to Revenue Plot No. 1288 (P) Revenue Khata No.420 corresponding to IDCO plot No. E/44/2 in Revenue Mouza, Pa ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sis of the recommendation of Odisha Computer Application Centre (OCAC) dated 16.02.2009, IDCO Plot No. E/44/2 measuring an area of Acre 4 at Infocity IT SEZ was allotted in favour of M/s Ignis technologies Solution Pvt. Ltd. on lease for establishment of a Software Development Centre vide allotment letter No. 8728 dated 18.05.09 of IDCO. 9. The cost of the above plot was ₹ 1.00 Crore. The company paid the entire amount of ₹ 1 Crore on 24.12.2009 i.e. well before the date of sanction of loan by UBI in the year 2010. 10. Even the physical possession of the land was handed over to the company well before the disbursement of the loan by United Bank of India i.e. on 17.08.2010. The factual position is also admitted in the impug ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... y Solutions Pvt. Ltd. had been paid in the year 2009. The agreed consideration of ₹ 1,00,00,000/- (Rupees One Crore Only) was satisfied by December 24, 2009. 16. M/s Ignis Technology Solutions Pvt. Ltd. had filed the application for sanction of loan only on 08.04.2010 i.e. much after the payment of ₹ 1,00,00,000/- (Rupees One Crore Only) The Transfer of title and handing over the possession of the property in Infocity IT SEZ land was completed in the month of August, 2010 and the disbursement of the amount of the loan sanctioned by the United Bank of India appears to be much after the said date. 17. Under these circumstances the amount of ₹ 1,00,00,000/- (Rupees One Crore Only) paid for the land cannot be in any mann ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ng of the State of Odisha to Defendant No. 1 and had reverted back to the corporation on account of non compliance by M/s Ignis Technology Solutions Pvt. Ltd. of the conditions of allotment. 20. The adjudicating authority did not appreciate that even in the rejoinder filed to the reply of defendant No. 1. There was no denial of the fact that the present property mentioned at serial no. 2 of the schedule of property was the property of IDCO and the payment of ₹ 1,00,00,000/- (Rupees One Crore only) was made much before the disbursement of the first installment of loan by United Bank of India and hence, the amount of ₹ 1,00,00,000/- ( Rupees One Crore only) was not out of the proceeds of crime . 21. In the impugned order th ..... X X X X Extracts X X X X X X X X Extracts X X X X
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