9911796707
TMI Blog2023 (3) TMI 1129X X X X Extracts X X X X X X X X Extracts X X X X ..... esent petition has been filed by the Petitioner - RBL Bank Ltd. challenging the Provisional Attachment Order (PAO) dated 2nd September, 2019 to the extent that the Petitioner ought to be permitted to sell the immovable property bearing no. D-PH-01, 12th Floor, Central Park-I, Sector-42, Main Sector Road, Near DLF Golf Course, Gurgaon, Haryana (hereinafter, 'subject property'). 3. The case of the Petitioner is that the subject property is owned by Shri Rash Pal Singh Todd and Shri Mandhir Singh Todd and was mortgaged with the Petitioner on 31st July, 2015. 4. It is submitted that the subject property could not have been included as proceeds of crime by the Adjudicating Authority (PMLA). The Petitioner had, thus, approached this Court after ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... od faith and has suffered the loss despite having taken all reasonable precautions and is not involved in the offence of money laundering. 9. The effect of the aforesaid statutory position espoused by the respondent has to be considered in the light of the petitioner's primary ground for challenging the provisional attachment order - the purchase of the subject property and deposit of title deeds thereof, whereafter rights in the subject property were created in favour of the petitioner, predates the passing of the impugned provisional attachment order on 02.09.2019 or, for that matter, the registration of the FIR on 29.08.2018 which formed the basis of the actions of respondent no.1. Also, the question as to whether the respondent no.1 p ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... it was estimated to be of that value. Thus, it cannot be said that the petitioner has contrived to sell the subject property at a price lower than the market valuation of the property. 12. For the aforesaid reasons, the application is allowed. The petitioner may proceed to finalize the sale with the proposed purchaser in respect of the subject property, through the private treaty, and register all necessary documents in relation thereto. 13. Needless to say, the utilization of the sale proceeds received by the petitioner Bank from this sale would be subject to orders of this Court. It is made clear that in case the petitioner is unsuccessful in the captioned petition, the Court may consider passing appropriate orders for restitution. ..... X X X X Extracts X X X X X X X X Extracts X X X X
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