TMI Blog2021 (10) TMI 705X X X X Extracts X X X X X X X X Extracts X X X X ..... f course the point of law raised by Mr.Nankani without adverting to the facts of the present case is an important one and as held by the Punjab and Haryana High Court in Seema Garg [ 2020 (3) TMI 460 - PUNJAB HARYANA HIGH COURT ] is certainly a matter which requires attention of the adjudicating authority. The other aspect which has also caught our attention is that the properties attached are much more valuable than the alleged proceeds of crime stated to have been in possession of the petitioners. Petition disposed off. - WRIT PETITION NO.2155 OF 2021 - - - Dated:- 12-10-2021 - UJJAL BHUYAN MADHAV J. JAMDAR, JJ. Mr. Vikram Nankani, Senior Advocate alongwith Mr. Siddharth Mehta, Mr. A.S. Pal, Ms. Eram Qutaishi, Mr. Dhruv Ny ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... g total outstanding of approximately ₹ 14,508 crores payable to Indian banks; (2) Petitioner No.2 got ₹ 2 crores in his account and ₹ 1 crore in his company s account from the Sterling/Sandesara Group; and (3) These are proceeds of crime and are likely to be concealed or transferred. 3.1 Thus as per the impugned order proceeds of crime to the tune of ₹ 3 crores is in possession of petitioner No.2 in contravention of section 3 of the Prevention of Money-Laundering Act, 2002 (briefly PMLA Act hereinafter). After noting the schedule of properties at Table No.11 including residential property at Juhu, Mumbai owned by petitioner No.2 and village land, near Bangalore, the Deputy Director passed the impugne ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ), matter is now before the adjudicating authority under section 8. Under sub-section (2) of section 8 adjudicating authority has to consider the reply of the aggrieved persons, petitioners in the present case, and consider all relevant materials. Only thereafter an order can be passed as to whether all or any of the properties are involved in money laundering. In case petitioners are aggrieved by any order passed under section 8 there is provision for appeal to the Appellate Tribunal under section 26. Even thereafter there is a provision for further appeal to the High Court under section 42. Mr. Singh submits that petitioners have submitted their reply to the show-cause notice to the adjudicating authority whereafter adjudicating authority ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... hen the matter is at the stage of adjudication under section 8 of the PMLA Act and adjudication hearing is fixed on 27th October, 2021, we should allow the statutory authority to deal with the matter in accordance with the statute. Of course the point of law raised by Mr.Nankani without adverting to the facts of the present case is an important one and as held by the Punjab and Haryana High Court in Seema Garg (supra) is certainly a matter which requires attention of the adjudicating authority. The other aspect which has also caught our attention is that the properties attached are much more valuable than the alleged proceeds of crime stated to have been in possession of the petitioners. Therefore, we keep all contentions open including ..... X X X X Extracts X X X X X X X X Extracts X X X X
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