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2021 (5) TMI 264 - HC - Money LaunderingAttachment of property under PMLA - Hospitality sector - Seeking permission for extra finance under the Emergency Credit Line Guarantee Scheme (‘ECLGS’) due to covid pandemic - HELD THAT:- A perusal of the valuation report of the property, which is confirmed by the Yes Bank, shows that the total value attributed to the property is to the tune of ₹ 342.40 crores, and the realisable value of the said property is ₹ 325.20 crores. The valuation report has been given by the CBRE, which is a valuation & advisory services agency, and the said report has also been placed on record - Considering the fact that the Yes Bank’s valuation of the property is to the tune of ₹ 342.40 crores which is accepted by the bank and the bank has approved the loan, and the attachment by the ED is to the tune of ₹ 120,20,46,000/- crores, this Court grants permission to availing of the loan under the ECLGS scheme. While maintaining the ED’s attachment order to the tune of ₹ 120,20,46,000/- crores, and safeguarding the ED’s rights in respect of the said attachment, permission is granted to the Petitioner to avail of the loan to the tune of ₹ 25 crores under the ECLGS scheme, by creating a second charge in respect of the subject property- Holiday INN, which is situated at Asset Area 12, Aero-city, Delhi International Airport, New Delhi- 110037 - Petition disposed off.
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