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2021 (1) TMI 68 - AT - Money LaunderingMoney laundering - seeking release of provisionally attached mortgaged properties (flats) - proceeds of crime - assignment of debts due and payable by borrowers including the loan in favour of the appellant - case of appellant is that the mortgaged properties were purchased by the borrowers when no such alleged scheduled offence were in the picture and that the title deeds have duly been registered and stamped which makes it further clear that the properties were not acquired from the proceed of crime - HELD THAT:- As per the submission of appellant it appears that no order on appellant’s application for substitution has been passed nor the contention raised in the reply, oral arguments advanced and the written submissions filed by the appellant is found placed in the impugned order. The Adjudicating Authority in the internal page 306 to 311 of the impugned order has reflected only the reply/written submissions filed on behalf of Defendant No. 58 i.e. (M/s. Bajaj Finance Limited) wherein it is specifically mentioned in internal page no. 311 para (ix) that the present appellant has been assigned with the loan account and Bajaj Finance Co. Ltd. no longer has any rights, title interest in the Mumbai properties - the Adjudicating Authority neither passed any order of substitution of substituting the present appellant in place of Defendant No. 58. There appears to be non-compliance of the provisions of Sections 8(1) and 8(2)(b) of PMLA, 2002 read with proviso to Section 8(2) of the PMLA, 2002 and also there is violation of principle of natural justice. It appears that the Adjudicating Authority ought to have substituted the present appellant in place of M/s. Bajaj Finance Ltd. and should have considered the submissions made by the present appellant and should have dealt with the same in accordance with law. Having not done so the impugned order, qua the appellant and qua the properties involved herein, is illegal and, therefore, liable to be set aside. The case is remanded to the Adjudicating Authority for re-adjudication of the case qua the appellants and qua the properties involved herein - Appeal allowed y way of remand.
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