These are appeals presented under Section 42 of the Prevention of Money-Laundering Act, 2002 (“PMLA”) against orders of the appellate tribunal. The appeals relate to claims of entities other than the persons in whose name the attached properties are held, referred to as “third party” claims. The conflict concerns the authority of the State to take away and confiscate property acquired through criminal activity versus the lawful claim of a third party to recover what is due by attachment and sale of the same property. The issues brought for adjudication are not adversarial in nature, as both sides have been given authority by law to reach out to the properties in question for their respective purposes. The challenge is to prioritize the claims of one over the other. The
…Several appeals were filed against orders of the appellate tribunal concerning attachment of properties under the Prevention of Money Laundering Act (PMLA). These properties were subject to claims by banks and other financial institutions, creating a conflict between the enforcement authority's power to confiscate proceeds of crime and the rights of third parties with legitimate interests in the properties. The cases involve various scenarios, including attachment of an Audi car financed by Axis Bank, agricultural lands and built-up properties mortgaged to State Bank of India, mortgaged shops claimed by IDBI bank, and properties mortgaged to Punjab National Bank (PNB) for credit facilities taken by Dynamic Shells (India) Pvt. Ltd. The common thread is the question of
…Sign in to view the parties.
Case reser…
Case reser…
These are appeals presented under Section 42 of the Prevention of Money-Laundering Act, 2002 (“PMLA”) against orders of the appellate tribunal. The appeals relate to claims of entities other than the persons in whose name the attached properties are held, referred to as “third party” claims. The conflict concerns the authority of the State to take away and confiscate property acquired through criminal activity versus the lawful claim of a third party to recover what is due by attachment and sale of the same property. The issues brought for adjudication are not adversarial in nature, as both sides have been given authority by law to reach out to the properties in question for their respective purposes. The challenge is to prioritize the claims of one over the other. The
…Several appeals were filed against orders of the appellate tribunal concerning attachment of properties under the Prevention of Money Laundering Act (PMLA). These properties were subject to claims by banks and other financial institutions, creating a conflict between the enforcement authority's power to confiscate proceeds of crime and the rights of third parties with legitimate interests in the properties. The cases involve various scenarios, including attachment of an Audi car financed by Axis Bank, agricultural lands and built-up properties mortgaged to State Bank of India, mortgaged shops claimed by IDBI bank, and properties mortgaged to Punjab National Bank (PNB) for credit facilities taken by Dynamic Shells (India) Pvt. Ltd. The common thread is the question of
…Case reser…
Case reser…