TMI Blog2023 (4) TMI 717X X X X Extracts X X X X X X X X Extracts X X X X ..... Rs.28 crores, which was kept at the disposal of the Committee of Creditors and has also been distributed amongst the various creditors and lenders - The issue, that has obviously arisen today, is that despite the payment of Rs. 28 crores, the title deeds of the land continued to remain with the Bank in view of the fact that the attachment by the ED took place subsequent to the commencement of CIRP. Ideally, the Bank ought to have informed the Petitioner no.2 of the PAO, when it acquired knowledge in October 2021, as the amounts were deposited by the Petitioner no.2 only in March 2022, which for inexplicable reasons, it did not. Considering the ED s instructions that have been communicated to the Court, and the Petitioners willingness ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 022 passed by the ld. Adjudicating Authority under the Prevention of Money Laundering Act, 2002. 3. The Petitioner no.1 Dash Exports Pvt Limited went into insolvency proceedings before the NCLT. The resolution plan submitted by M/s. Asteroid Shelter Homes Pvt Ltd - Petitioner No.2 was approved by the Committee of Creditors (CoC) on 27th November, 2020. 4. However, the Adjudicating Authority under the PMLA passed the provisional attachment order on 25th August, 2021, of the property of Petitioner No.1 situated at 228-P, Village Habibpur, Pargana District, Tehsil Gautam Buddh Nagar, UP. 5. The case of the Petitioners is that despite the provisional attachment order having been passed, on 29th September 2021, the Resolution Plan was a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... der dated 25th August, 2021 only on 14th October, 2021. It is the contention of the SBI that prior to this, the CIRP had been initiated and on 26th February, 2020 when the moratorium order was passed under Section 14 of the Insolvency and Bankruptcy Code, 2016 and the Company was sold to the Petitioner herein. Thereafter, the resolution plan has been approved by the creditors on 27th November, 2020. xxx 6. The Court has heard ld. Counsels for all the parties. In view of the submissions made today, it is directed that the title deeds shall continue to remain with the State Bank of India. 7. The prayer of the Petitioner is for setting aside of the provisional attachment order being PAO No. 05/2021 dated 25th August, 2021 on the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nly on 14th October, 2021. Further, the CIRP had been initiated on 26th February, 2020, when the moratorium order was passed and finally, the resolution plan was approved by the creditors on 27th November, 2020. The resolution plan was also approved by the NCLT on 29th September, 2021. 10. The Court is informed that no appeals have been filed challenging the final approval of the resolution plan dated 29th September, 2021. In effect, the Petitioner No. 2 has stepped into the management of the Petitioner No. 1 company. The Petitioners had deposited a sum of Rs.28 crores, which was kept at the disposal of the Committee of Creditors and has also been distributed amongst the various creditors and lenders. 11. The issue, that has obvious ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the confirmation order dated 26th May 2022 before the PMLA Appellate Tribunal, within four weeks. (2) The Petitioner No.2 shall within four weeks, deposit a sum of Rs.3.01 crores by means of an FDR in favour of the ED, which shall be on an auto renewal mode and subject to orders, which would now be passed by the PMLA Appellate Tribunal. (3) Subject to the above deposit being made and the confirmation of the said deposit being given to the SBI Bank, all the title deeds, which are lying deposited with the Bank, shall be released to the Petitioners within one week. (4) The appeal, if filed within 4 weeks before the PMLA Tribunal, shall not be dismissed on the ground of limitation considering the fact that the present writ petiti ..... X X X X Extracts X X X X X X X X Extracts X X X X
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