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2017 (9) TMI 1006 - AT - Money LaunderingComplaint u/s 5(5) of the Prevention of Money Laundering Act - Provisional Attachment Order - overriding effect of SARFAESI Act, 2002 viz. a viz. the provisions of PMLA-2002 - Held that:- Admittedly, neither the banks nor employees of these appellants are accused in any criminal proceedings nor any allegations against them that they are involved in the commission of alleged crime or generating proceeds of crime. The amounts of loan sanctioned are public money and they are entitled to get back their money by selling the mortgaged property as a first change. In these appeals, the appellant have raised the question of overriding effect of SARFAESI Act, 2002 over the PMLA-2002. The Adjudicating Authority has not discussed anything about the same. The Parliament has amended the SARFAESI Act, 2002 by inserting the section 31 B in the said Act w.e.f. 01.09.2016. The effect of the said amendment as already been discussed in our judgment dated 14th July, 2017. The facts and the legal issues involve in the present appeals are identical to the facts and the legal issues involved in the groups of matter which has been decided by this tribunal on 14.07.2017 . Thus we are of the considered view that the Impugned Order dated 16.06.2016 and the Provisional Attachment Order dated 17.12.2015 are not legally correct and liable to be set aside. In the light of above, the schedule A, B and C properties are released from the attachment and the appellant Banks may take the possession of these properties mortgaged with them as secured assets. It is noted here that PNBHF Ltd. Bank and ICICI bank, appellants in FPA- PMLA-1388/JL/2016 and FPA-PMLA-1423/JL/2016 respectively, during the course of pendency of the appeal prayed this tribunal to allow them to sell the mortgaged properties i.e. scheduled A & B properties below and after selling and adjustment of their dues to deposit the surplus, if any, with the respondent i.e. Enforcement Directorate. The State Bank of Patiala has not filed any such application. However, in the interest of justice, it is hereby ordered that the appellant banks to sell the schedule A, B & C properties in the presence of nominated officers of the respondent. The appellant banks after sell and adjustment of dues shall deposit the surplus amount with the respondent.
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