TMI Blog2021 (8) TMI 779X X X X Extracts X X X X X X X X Extracts X X X X ..... the property or who may have suffered a quantifiable loss as a result of offence of money laundering may move appropriate application for restoration of such confiscated property or a part thereof - so far as interested person or any claimant is concerned, they did not have any locus to challenge the attachment order at all. While the statute protects them in some way but they have no say in respect to attachment which is essentially against the person who has procured the property by proceeds of crime. If such subsequent purchaser or interested person as explained under Section 5(4) is allowed to challenge the attachment, it would not only create a chaotic situation but it can be a method of subterfuge litigation by the main accused in ge ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... an 150 allottees of flats in the residential apartment namely, Hyde-park situated at Durgapura, Jaipur. In order to safeguard the interests of the members of the petitioner-association who are allottees too and would be purchasing flats namely Hyde-park, a complaint was registered with the Rajasthan Real Estate Regulatory Authority (hereinafter referred to as RERA . An order came to be passed on 10.02.2021 after hearing the Directorate of Enforcement who had taken up a case under the Prevention of Money Laundering Act, 2002 (hereinafter referred to as PMLA, 2002 ) against the builders namely Adarsh Build-state Ltd. Jaipur and were proceeding to attach the property where the flats were to be constructed. 3. After hearing the Enforcement ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the completion of the project. 5. The scheme as submitted jointly by the Complainant Association and the landowners including the terms and conditions that are binding on all the stakeholders (the new developer, the members of the Complainant Association and the landowners) is accorded approval of this Authority subject to the following additional conditions provided that these additional conditions shall prevail over any provisions of the Scheme as submitted in case they are inconsistent in any manner with these additional conditions: (i) That the scheme is sent to the State Government for consultation and approval as required under section 8 of the Act before starting its implementation; (ii) An escrow bank account is open ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ruction of the work immediately within thirty days from the receipt of instalments from the members of the Complainant Association as per the terms of the Scheme and complete the apartments within two years from the start of the work. (x) The Promoter Respondent or any of his contractor, vendor or agency are restrained from interfering in the progress of the completion of the revised Phase 1 as per the Scheme. 6. The Enforcement Directorate is directed to withdraw their direction given to the Sub Registrar, Jaipur prohibiting the Sub Registrar to register the sale deeds of the apartments in this project and refrain from any interference in the progress of work towards the completion of the Project as per the Scheme. 7. As for ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s passed by the RERA. Once the ED Authorities have accepted the order of RERA which is statutory authority, the provisions of PMLA, 2002 could not have been invoked with regard to the said property of Hyde-Park. Learned counsel submits that the order of attachment, therefore, deserves to be set aside so far as it relates to Hyde-park. Learned counsel further submits that if such action is allowed to be continued, it would create a chaotic situation and the orders passed by RERA protecting the purchaser of flats would go in a vain and the entire purpose would be lost. 5. I have considered the submissions. 6. A look at the PMLA, 2002 and specially Section 5 reveals that the power of Directorate of Enforcement to declare any property acq ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... having taken all reasonable precautions and is not involved in the offence of money laundering: Provided further that the Special Court may, if it thinks fit, consider the claim of the claimant for the purposes of restoration of such properties during the trial of the case in such manner as may be prescribed. 8. Thus, if the property is confiscated by the Central Government, such claimant with legitimate interest in the property or who may have suffered a quantifiable loss as a result of offence of money laundering may move appropriate application for restoration of such confiscated property or a part thereof. 9. However, the above provisions show that so far as interested person or any claimant is concerned, they did not have a ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
