9911796707
TMI Blog2023 (4) TMI 717X X X X Extracts X X X X X X X X Extracts X X X X ..... vasan, Senior Advocate along with Mr. Rajiv Kapur, & Mr. Akshit kapur, Advs. for R-3. (M: 9716076533) Mr. Deepak Motla, Adv. for R-4. (M: 9625444388) Prathiba M. Singh, J. (Oral) 1. This hearing has been done through hybrid mode. 2. This is a petition under Article 226 impugning the order dated 26th May, 2022 passed by the ld. Adjudicating Authority under the Prevention of Money Laundering Act, 2002. 3. The Petitioner no.1 Dash Exports Pvt Limited went into insolvency proceedings before the NCLT. The resolution plan submitted by M/s. Asteroid Shelter Homes Pvt Ltd - Petitioner No.2 was approved by the Committee of Creditors (CoC) on 27th November, 2020. 4. However, the Adjudicating Authority under the PMLA passed the provisional attach ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... o the Petitioners and the Enforcement Directorate. After hearing the parties, the following order was passed on 24th March 2023. "xxx 3. Mr. Srinivasan, ld. Sr. Counsel appearing on behalf of the Bank submits that the State Bank of India acquired knowledge of the provisional attachment order dated 25th August, 2021 only on 14th October, 2021. It is the contention of the SBI that prior to this, the CIRP had been initiated and on 26th February, 2020 when the moratorium order was passed under Section 14 of the Insolvency and Bankruptcy Code, 2016 and the Company was sold to the Petitioner herein. Thereafter, the resolution plan has been approved by the creditors on 27th November, 2020. xxx 6. The Court has heard ld. Counsels for all th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... me being and no longer need to be present on the subsequent days of the hearing, unless directed otherwise." 9. As can be seen from the above order, the stand of the Bank was that it acquired knowledge of the Provisional Attachment Order ('PAO') dated 25th August, 2021 only on 14th October, 2021. Further, the CIRP had been initiated on 26th February, 2020, when the moratorium order was passed and finally, the resolution plan was approved by the creditors on 27th November, 2020. The resolution plan was also approved by the NCLT on 29th September, 2021. 10. The Court is informed that no appeals have been filed challenging the final approval of the resolution plan dated 29th September, 2021. In effect, the Petitioner No. 2 has stepped into t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nd the Petitioners' willingness to deposit a sum of Rs. 3.01 crores, in the peculiar facts and circumstances of the present case, the following directions are issued: (1) The Petitioners shall be permitted to challenge the PAO order dated 25th August 2021 and the confirmation order dated 26th May 2022 before the PMLA Appellate Tribunal, within four weeks. (2) The Petitioner No.2 shall within four weeks, deposit a sum of Rs.3.01 crores by means of an FDR in favour of the ED, which shall be on an auto renewal mode and subject to orders, which would now be passed by the PMLA Appellate Tribunal. (3) Subject to the above deposit being made and the confirmation of the said deposit being given to the SBI Bank, all the title deeds, which are ..... X X X X Extracts X X X X X X X X Extracts X X X X
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