TMI Blog2019 (2) TMI 1362X X X X Extracts X X X X X X X X Extracts X X X X ..... mstance till the next date of hearing the operation of the impugned order shall remain stayed. The Resolution process shall continue but the properties shall not be finally disposed without the permission of this Tribunal till the next date. - MP-PMLA-5627/MUM/2019 (U.A./Stay), FPA-PMLA-2897/MUM/2019, MP-PMLA-5665/MUM/2019 (COD), MP-PMLA-5666/MUM/2019 (Stay), FPA-PMLA-2912/MUM/2019 - - - Dated:- 18-2-2019 - Justice Manmohan Singh Chairman For the Appellant : Mr. Madan Khurana, Advocate, Ms. Trisha Mittal, Advocate, Mr. Abhinav Agnihotri, Advocate, Mr. Dipan Seth, Advocate For the Respondent : Mr. Mohd. Faraz, Advocate ORDER MP-PMLA-5665/MUM/2019 (COD) The appellants have filed the present appeals u/s 26 of Prevention of Money Laundering Act, 2002 against the common order dated 11th December, 2018. The appellant no. 2 has filed an application for condonation of 14 days delay in filing the appeal. The learned counsel for the respondent no. 1 has opposed the prayer of the application. For the reasons stated in the appeal as well as COD application, the application is allowed and delay is condoned. MP is disposed of. FPA-PMLA-2897 2912/MUM/2 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ISIN Description Total Shares Facility Secured Pledge Documents INE346 H01014 Gitanjali Gems Ltd. EQ 22575053 1. GGL WC Facility extended vide Master Joint Lenders Forum Agreement dated 06.08.2014 2. ECB Facility extended vide Facility Agreement dated 10.09.2011 and Amendatory Facility Agreement dated 17.10.2011 1. Pledge Agreement dated 10.10.2014 and Pledge Agreement dated 16.02.2015 2. Pledge Agreement for ECB Facility dated 14.11.2011 INE346 H01014 Gitanjali Gems EQ 1343000 1. GGL WC Facility extended vide Master Joint Lenders Forum Agreement dated 06.08.2014 2. ECB Facility extended vide Facility Agreement dated 10.09.2011 and Amendatory Facility Agreement dated 17.10.2011 1. Pledge Agreement dated 10.10.2014 and Pledge Agreement dated 16.02.2015 2. Pledge Agreement for ECB Facility dated 14.11.2011 INE346 H01014 Gitanjali Gems Ltd. EQ 1276100 1. GGL WC Facil ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... GECL WC Facility extended vide Supplemental and Amendatory Working Capital Consortium Agreement dated 30.10.2014 and Third Supplemental Working Capital Consortium Agreement dated 29.06.2011 Deed of Hypothecation dated 30.10.2014 and Deed of mortgage cum charge cum guarantee dated 29.06.2011. 9 GECL GECL WC Facility extended vide Supplemental and Amendatory Working Capital Consortium Agreement dated 30.10.2014 and Third Supplemental Working Capital Consortium Agreement dated 29.06.2011 Deed of Hypothecation dated 30.10.2014 and Deed of mortgage cum charge cum guarantee dated 29.06.2011 10 GGL 1. GGL WC Facility extended Vide Working Capital Facility Agreement dated 19.08.2016 and Supplemental Working Capital Consortium Agreement dated 06.07.2012 2. ECB Facility extended vide Facility Agreement dated 10.09.2011 1. Deed of Hypothecation dated 19.08.2016 and Deed of Mortgage cum charge cum guarantee dated 06.07.2012 2. Deed of Hypothecation for ECB Facility dated 17.10.2011. 15 GECL ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 0.09.2011 1. Deed of Hypothecation dated 19.08.2016 and Deed of Mortgage cum charge cum guarantee dated 06.07.2012 2. Deed of Hypothecation for ECB Facility dated 17.10.2011. 28 NWL NWLWC Facility extended Vide Supplemental Amendatory Working Capital Consortium Agreement dated 29.09.2014 and Third Supplemental Working Capital Consortium Agreement dated 18.04.2012 Deed of Hypothecation dated 29.09.2014 and Joint Deed of Hypothecation dated 18.04.2012 29 GGL 1. GGL WC Facility extended Vide Working Capital Facility Agreement dated 19.08.2016 and Supplemental Working Capital Consortium Agreement dated 06.07.2012 2. ECB Facility extended vide Facility Agreement dated 10.09.2011 1. Deed of Hypothecation dated 19.08.2016 and Deed of Mortgage cum charge cum guarantee dated 06.07.2012 2. Deed of Hypothecation for ECB Facility dated 17.10.2011. 30 GGL 1. GGL WC Facility extended Vide Working Capital Facility Agreement dated 19.08.2016 and Supplemental Working Capital Conso ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... pothecation dated 19.08.2016 and Deed of Mortgage cum charge cum guarantee dated 06.07.2012 2. Deed of Hypothecation for ECB Facility dated 17.10.2011. 37 GGL 1. GGL WC Facility extended Vide Working Capital Facility Agreement dated 19.08.2016 and Supplemental Working Capital Consortium Agreement dated 06.07.2012 2. ECB Facility extended vide Facility Agreement dated 10.09.2011 1. Deed of Hypothecation dated 19.08.2016 and Deed of Mortgage cum charge cum guarantee dated 06.07.2012 2. Deed of Hypothecation for ECB Facility dated 17.10.2011. 38 GGL 1. GGL WC Facility extended Vide Working Capital Facility Agreement dated 19.08.2016 and Supplemental Working Capital Consortium Agreement dated 06.07.2012 2. ECB Facility extended vide Facility Agreement dated 10.09.2011 1. Deed of Hypothecation dated 19.08.2016 and Deed of Mortgage cum charge cum guarantee dated 06.07.2012 2. Deed of Hypothecation for ECB Facility dated 17.10.2011. 39 NWL NWLWC Facility extended Vide Suppl ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Sr. No. Address of Searched Premises Owner of Stock Facility Secured Document 1 Gili Showroom, Viviana Mall, Thane West, Maharashtra Gili India Limited GGL WC Facility extended Vide Supplementary Facility Agreement dated 19.08.2016. Deed of Hypothecation executed by Gili India Limited in favour of ICICI Bank Limited dated 24.10.2016. 2 Gili Showroom, R-City Mall, Ghatkopar West, Mumbai, Maharashtra Gili India Limited GGL WC Facility extended Vide Supplementary Facility Agreement dated 19.08.2016. Deed of Hypothecation executed by Gili India Limited in favour of ICICI Bank Limited dated 24.10.2016. 3 Gitanjali Gems Limited, Ranga Reddy District, Telangana, Andhra Pradesh Gitanjali Gems Limited 1. GGL WC Facility extended Vide Working Capital Facility Agreement dated 19.08.2016and Supplemental Working Capital Consortium Agreement dated 06.07.2012. 2. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Gitanjali Gems Limited 1. GGL WC Facility extended Vide Working Capital Facility Agreement dated 19.08.2016 and Supplemental Working Capital Consortium Agreement dated 06.07.2012 2. ECB Facilityextended vide Facility Agreement dated 10.09.2011 1. Deed of Hypothecation dated 19.08.2016 and Deed of Mortgage cum charge cum guarantee dated 06.07.2012. 2. Deed of Hypothecation for ECB Facility dated 17.10.2011. 11 Office of the Custodian of Bharat Diamond Bource, Bandra Kurla Complex, Bandra East, Mumbai Gitanjali Gems Limited 1. GGL WC Facility extended Vide Working Capital Facility Agreement dated 19.08.2016 and Supplemental Working Capital Consortium Agreement dated 06.07.2012. 2. ECB Facility extended vide Facility Agreement dated 10.09.2011. 1. Deed of Hypothecation dated 19.08.2016 and Deed of Mortgage cum charge cum guarantee dated 06.07.2012. 2. Deed of Hypothecation for ECB Facility dated 17.10.2011. 5. VEHICLES OF MEHUL CHOKSI Vehicles ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n is made to the Appellant and the Consortium Lenders under inter-ali a, the Working Capital Facility extended to GGL and GECL. Further, an amount of USD 12,053,106.29 (United States Dollars Twelve Million Fifty Three Thousand One Hundred and Six and Twenty Nine Cents Only) is outstanding as on June 30, 2018 together with further interest and other charges at contractual rates thereon till payment and/or realization is made to the Appellant under the GGL External Commercial Borrowing Facility. 8. Due to the Impugned Order confirming the POA, attaching inter alia the properties mortgaged/hypothecated/pledged to the Appellant and the other Consortium Lenders, the Appellant Bank has lost the opportunity to recover the dues comprising of inter alia the initial Principal Amount and the interest thereon, as pending to it, on account of default by GGL, GECL and NWL. Therefore, the fraud perpetrated on the Appellant Bank for bonafide loan facilities as advanced by it to GGL, GECL and NWL, is now compounded by the Impugned Order confirming the attachment of properties mortgaged/ hypothecated/pledged with the Appellant and the Consortium Lenders. The Appellant Bank finds itself unabl ..... X X X X Extracts X X X X X X X X Extracts X X X X
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