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2019 (7) TMI 116 - AT - Money LaunderingMoney Laundering - Provisional attachment order - reason to believe - nexus with the allegation of crime committed by the defendants/respondent no. 2 Bharat Bomb and other persons concerned involved for the offences of money-laundering - HELD THAT:- From the facts of the present, it is evident that legal issues of the Appellant case are similar to the judgement rendered by Hon’ble Delhi High Court in Directorate of Enforcement vs. Axis Bank & Ors. [2019 (4) TMI 250 - DELHI HIGH COURT] as (a) The Appellant is not an accused and is bona fide third party to the transactions complained of by the ED; (b) The Appellant disbursed a loan in accordance with law to the Respondents Accused and created a mortgage over the Secured Property prior to the commission of the Scheduled Offence in respect of the Secured Property; and (c) The Appellant commenced the proceedings under SARFAESI Act against the Secured Property prior to its provisional attachment. (d) The said property was not acquired from the proceed of crime. The appellant is always at liberty to approach the Special Court to initiate the proceeding for disposal of mortgaged property, if so desired, who is agreeable to deposit the excess amount if such situation will arise. Counsel for appellants after taking the instructions from his clients stated that his clients are duty bound to deposit the excess amount with the respondent - The Appellant has already initiated recovery proceedings under the SARFAESI and RDDBFI Act and insolvency proceedings under the I&B Code for enforcement of its interest. S. 13 SARFAESI allows secured creditors to enforce security. The possession is already with the appellant. The impugned order is set-aside with regard to attachment of properties mortgaged with the appellant - rest of the attachment shall continue.
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