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2017 (11) TMI 838 - AT - Money LaunderingProvisional attachment - Recovery of loan amount against the three-mortgaged properties - Appellant undertakes that after recovering the EMI due, from the attached Escrow accounts, the Appellant shall release the necessary amounts due, towards the ‘amenities charges’ to its borrowers - Held that:- As submitted that the appellants in the said appeals are not able to deposit service tax for the period April-September, 2016-17 for which it has received a notice from the office of Assistant Commissioner, Service Tax, Mumbai and it is directed to file the return within two days showing its self assessed tax and payment particulars. The appellants have also received a letter from Brihan Mahanagar Palika for payment of arrears of outstanding towards the property tax amounting to ₹ 16,60,400/- for the period 01.04.2016 to 31.03.2017. They have also received a letter from Ferani Developers for payment of maintenance charges of the property. The details of calculations required to be paid per month are given in the application. As the appellant in the present appeal has agreed to release the said amount due and undertake to pay the borrowers on regular basis once the past rent is released as deposited by the tenant. The impugned Order records that although the interest of the appellant herein needs to be protected, but in the larger national interest, the properties are being attached. Even otherwise if the Special Court trying the offences under Section 3 comes to the conclusion that the properties are not liable to be confiscated, then the same shall stand released the appellant in terms of Section 8(8) of the Act. It is thus sought to canvassed that the interest of the appellant is secured. When the properties do not even remotely or prima facie bear a link with the proceeds of crime or the criminal activity, then the said properties are not liable to be attached under the false pretext of ‘national security.’ This Tribunal by order dated 27.07.2017 had directed the tenant to deposit the rent in the new designated accounts of the Appellant in terms of para 17 of the Order. This Tribunal in its order dated 27.07.2017 had recorded the Appellant’s undertaking to the extent that, in the event Appellant loses the present appeal then the Appellant shall pay back/restitute all the withdrawn amounts to the concerned authority. The Appellant seeks to clarify that the Appellant shall be liable only to restitute the amounts withdrawn towards repayment of EMIs and not the amenities charges as they are actual expenses payable on behalf of the borrowers and not retained by the Appellant Bank. There is a force in the submission of the appellant. The clarification sought by the appellant is allowed. The appellant is now permitted to operate the Escrow Accounts, being Accounts No. 200999779905 and 200999779912, IndusInd Bank, Lower Parel Branch, Mumbai and withdraw the amounts lying in such Escrow Accounts, which comprises only of the instalments that were legitimately owed to the appellant by the borrowers for the loans advanced to them. The past amount deposited by the tenants be released to the appellant forthwith. The prayer present appeal as well as stay applications are allowed. The impugned order against the present appellant is modified. The appellant is granted the liberty to move application in the appeals filed by the borrowers appeals in case the appellant is not to recover the loan amount against the three-mortgaged properties. Till the decision of the said appeals of the borrowers the attachment of immovable properties shall continue. The impugned order is modified accordingly.
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