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PRATHIBA M. SINGH
Axis Bank – Appellant
Versus
Union of India – Respondent
JUDGMENT
Prathiba M. Singh, J. (Oral)
1. This hearing has been done through hybrid mode.
2. The present petition has been filed challenging the impugned final order dated 13th December, 2021 passed by the Adjudicating Authority by which the Provisional Attachment Order No. 1/2021, dated 29th January, 2021 was confirmed.
3. It is the submission of the Petitioner that it wishes to avail of its appellate remedy by filing an appeal before the Appellate Tribunal under PMLA, 2002.
4. Accordingly, the present petition is disposed of, relegating the Petitioner to avail of its appellate remedy within 30 days. The period of pendency before this Court i.e., 8th August, 2022 till 23rd April, 2023, shall stand excluded for the purpose of calculating the limitation of 180 days under Sections 5 & 8 of PMLA, 2002. In addition if the appeal is filed in 30 days, the period during which the present petition was remaining pending, shall be excluded for the purposes of calculating limitation for filing of appeal challenging the impugned order dated 13th December 2021.
5. Interim order already passed on 31st August, 2022 shall continue till the first date of listing before the Appellate Tribunal.
6.
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The main legal point established in the judgment is the court's power to restrain coercive action based on an impugned order until a statutory appeal is filed and considered by the Appellate Tribunal....
The Court considered the applicability of the Insolvency and Bankruptcy Code, 2016 (IBC) and the effect of its declaration of moratorium on the attachment of assets under the Prevention of Money Laun....
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The timely provision of orders under the Prevention of Money Laundering Act is critical to safeguarding the right to appeal, which should not be undermined by premature possession of property.
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