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TMI Blog2021 (8) TMI 1176X X X X Extracts X X X X X X X X Extracts X X X X ..... all go to the appellant, but we may ask them to deposit the entire amount with the Registry of this Court or we may ask them to open an Escrow Bank Account and deposit the same. We shall decide above the precedence once the auction is successful. Post this matter on 06.09.2021. - Civil Application (For Stay) No. 1 Of 2021 In R/First Appeal No. 1224 Of 2021 - - - Dated:- 23-8-2021 - Honourable Mr. Justice J.B.Pardiwala And Honourable Ms. Justice Vaibhavi D. Nanavati For The Petitioner(S) : Mr Devang Vyas For The Respondent(S) : Ds Aff.Not Filed (N) IA ORDER (PER : HONOURABLE MR. JUSTICE J.B.PARDIWALA) 1. On 28.06.2021, this Court passed the following order:- 1. We have heard Mr. Devang Vyas, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... in the case of Deputy Director Directorate of Enforcement, Delhi V/s. Axis Bank and Others reported in 2019 SCC Online Del 7854. The Delhi High Court summarized its final conclusions in paragraph no. 171 of the judgment. The reliance is being placed on clause (xv) of the final conclusions which reads thus:- (xv). If the bonafide third party claimant (as aforesaid) is a secured creditor , pursuing enforcement of security interest in the property (secured asset) sought to be attached, it being an alternative attachable property (or deemed tainted property), it having acquired such interest from person(s) accused of (or charged with) the offence of money-laundering (or his abettor), or from any other person through such transaction ( ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n 2(1) (u) of PMLA very clearly stipulates that the property can be attached under the provisions of ONLY WHEN, Such property has EITHER been derived or obtained, directly or indirectly as a result of a criminal activity relating to a scheduled offence. However, the complainant has failed to prove/establish that the immovable property that has been lawfully Mortgages with the Appellant Bank has EITHER been derived or obtained, directly or indirectly as a result of a criminal activity relating to a scheduled offence. The only reason given by the Respondent No.1 in the present OC 974/2018 is that proceeds of crime amounting to ₹ 827.98 Cr. received by the Respondent No.2 Company through circular rotation (As alleged by the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... irst thing, we intend to do is to stay the operation of the entire impugned order dated 17.01.2019 passed by the Appellate Tribunal, Prevention of Money Laundering Act, New Delhi. We accordingly stay its operation. 9. The second thing, we intend to do is to try to secure the interest of both the side i.e. the Bank as a secured creditor and the Directorate of Enforcement as an authority under the PMLA. 10. According to the Bank, it had taken over the symbolic possession of all the properties much before the PMLA proceedings came to be initiated. However, the fact remains that the physical possession as on date remains with the appellant. The properties could be said to be under attachment at the instance of the appellant under the ..... X X X X Extracts X X X X X X X X Extracts X X X X
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