9911796707
TMI Blog2025 (4) TMI 252X X X X Extracts X X X X X X X X Extracts X X X X ..... 19, 12221, 12449, 12451, 12868, 12866, 13396, 13397, 5043 (CHN) of 2024 FPA-PMLA-5145, 5146, 5147, 5148, 5184, 5209, 5224 (CHN) of 2022 and 5778, 5791, 5835, 5877, 5879, 5889, 6096, 6102, 6213, 6413 & 6628 (CHN) of 2023 - - X X X X Extracts X X X X X X X X Extracts X X X X ..... al may take time, thus, prayer was made by the Liquidator and Resolution Professional apart from the Counsel appearing for the Companies to dispose of the appeals. 6. The appeals were accordingly heard and we would be deciding the issue raised by the financial institutions at the first instance. Arguments of the Financial Institutions: 7. The Ld. Counsel submitted that the property was mortgaged by the borrowers whose account has been declared NPA, thus, the financial institution has a right to secure the loan amount out of the mortgaged property. The attachment of those properties is affecting them and therefore prayer was made to release the property. 8. The Ld. Counsel appearing for the financial institutions were asked to refer to ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Tribunal. 12. It may even be a case of settlement between the borrower and the financial institutions. A prayer before this Tribunal is made by the financial institutions to release the property where even borrower may have a claim on repayment of borrowed money. The inter-se claim and dispute between the financial institutions and the borrower cannot be addressed by this Tribunal. It can be, if jurisdiction of Special Court is invoked under Section 8(7) of the Prevention of Money- Laundering Act, 2002 ( in short "the Act of 2002"), if a case is made out under the said provisions. 13. The Ld. Counsel for the financial institutions were fair enough to agree that there may be cases where repayment of due loan amount is made to some extent a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... al has commenced but could not be concluded or for any other reason. The Financial Institution can take the remedy under Section 8(7) of the Act even during the trial. If section 8(7) of the Act of 2002 is invoked by the financial institution, the Special Court would pass the order based on the material before it where it would call the borrower and even the Enforcement Directorate and after hearing the parties, an appropriate order can be passed and for that pendency of the trial or attachment of property does not come in the way. 16. The Counsel for the financial institutions could not question the aforesaid position of law. It is, however, submitted that the appeal may be disposed of in the light of the order passed by the NCLT and the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... uld follow and thereby their rights would be governed by the aforesaid. Findings of the Tribunal 20. The facts have been narrated in reference to each group for challenge to the attachment of the property and its confirmation by the Adjudicating Authority. We find that much water has flown thereof. It has been admitted that the Resolution Plan against one company has been approved and even final order has been passed by the NCLT. The other Company is under liquidation. In the changed scenario, so far as the financial institutions are concerned, they cannot maintain their claim to the extent it was claimed to release the mortgaged property having settled their amount in the Resolution Plan before NCLT at a lower amount, as admitted and ot ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d by the financial institutions to take recourse of the remedy now appropriate for them in the background that the NCLT has passed a final order and the provisions of IBC would have its own consequences. The financial institutions are accordingly given liberty to press their claim as is suitable to them. 23. So far as the Resolution Professional is concerned, it is admitted that a Resolution Plan has already been approved by the NCLT and order has also been passed, thus now it would be governed by the order of the NCLT and the Resolution Professional cannot have independent right to question the attachment, rather, consequences arising out of the order passed by the NCLT would follow. The same is the position of the Liquidator. They would ..... X X X X Extracts X X X X X X X X Extracts X X X X
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