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SURESH KUMAR KAIT
Indiabulls Commercial Credit Limited – Appellant
Versus
Economic Offences Wing – Respondent
JUDGMENT
Suresh Kumar Kait, J. -
The hearing has been conducted through video conferencing.
W.P.(Crl.) 1256/2020 & Crl.M.A.11172/2020 (stay)
1. Present petition has been filed under section 226 of the Constitution of India read with section 482 Cr.P.C. seeking directions thereby against respondent no.1 for quashing of order/notice dated 05.08.2019 bearing No.531/R-ACP/SEC-V/EOW issued by the office of the Offences Wing, New Delhi to the Sub-Registrar-IIA, Punjabi Bagh, Nangloi, Delhi under section 102 of the Code of Criminal Procedure, 1973.
2. Counsel for the petitioner submits that the petitioner herein is a Non-Banking Financial Company, registered with the Reserve Bank of India and also a financial institution under the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI Act). The petitioner has granted two loans against a property to respondent nos. 4 to 10 and upon failure to pay EMI's on time, the loan accounts of the said respondents were declared Non-Performing Assets (NPA) and statutory proceedings under the SARFAESI Act were conducted.
3. Counsel for the petitioner further submits that the property in question bearin
The main legal point established in the judgment is that the power of seizure under Section 102 of the Code of Criminal Procedure, 1973 is limited to movable property and does not extend to immovable....
Sec. 102 of the Code of Criminal Procedure does not empower police officers to seize immovable property, and such actions are illegal and contrary to established legal principles.
(1) Inspector of Police is not an ‘authority’ prescribed in Section 22-A of Registration Act, 1908 for preparation of list of properties to be communicated to registering authorities for incorporatin....
Right to property is still a constitutional right under Article 300-A of the Constitution of India though not a fundamental right and the deprivation of the right can only be in accordance with the p....
The Prevention of Corruption Act being a complete code and a Special Act excludes the application of Section 102 Cr.P.C in the matter of attachment or seizure of property relating to offences committ....
The court established that taking possession under Section 8(4) of the PMLA requires a formal confiscation order and cannot be done arbitrarily.
Possession taken under the SARFAESI Act must comply with statutory procedures; failure to serve proper notice constitutes a violation of constitutional rights.
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