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2017 (8) TMI 1075 - AT - Money LaunderingPMLA - provisional attachment order - property in the present case was attached for value of proceeds of crime involved in money laundering - whether applicant/appellant is a separate and distinct legal entity and its property could not be attached on account of alleged defaults by the KAL and Dr. Vijay Mallaya? - Held that:- In case the provisions of section 8(4) and 8(5) of the PMLA are read together, it is evident that after the confirmation of the attachment by the Adjudicating Authority, the Enforcement Directorate is required to take the possession of the attached property. While the Tribunal, in exercise of its inherent powers of an appellate court during hearing appeals under the related acts, in suitable cases has granted interim relief including by way of stay of action for taking possession of attached properties confirmed in adjudication subject to such conditions as considered suitable in a particular case, for the reasons as mentioned above we do not consider the present case to be one where such discretion can be exercised. The attached property is a vacant property w.e.f. 31.03.2017 as informed by learned counsel for the appellant. The value of the property as as stated in the statement of Shri N.R Padamnabhan, Director in the appellant company appellant is approximately between ₹ 170-200 crores. Admittedly, Dr. Vijay Mallya has not cleared the loan amounts worth thousand of crores. He is declared as absconder. It is also not his case that he is not capable to pay the amounts due to the banks. The amount due in-fact is public money. There is no assurance on his behalf that in a particular period of time, he would clear the loan amount. He has not shown his willingness to join the proceedings pending against him in Indian courts. It also appears from the material placed on record that he was actively involved in the day to day activities of all the businesses carried out by him directly or indirectly when the loan was sanctioned. Merely by alleging that a particular company is an independent entity would not help the case of the appellant because he was the ring master of entire game. Thus the facts in the present case are peculiar than other cases referred on behalf of the appellant. It is also well settled position in law that the party who is absconding and carrying the public money and evading the process of law would not be entitled for discretionary relief from any court. Accordingly, and in the facts of the present case, we are not inclined to exercise the discretion in favour of the appellant who, prima facie , is controlled by Dr. Vijay Mallya. The application for stay is, therefore, dismissed. The respondent would be entitled to take the possession of the property under section 8(4) of the Act in the manner prescribed under the rules.
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