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C. V. BHASKAR REDDY
Meliora Asset Reconstruction Company Limited – Appellant
Versus
Union of India – Respondent
ORDER :
1. This Writ Petition, is filed by the petitioner-company seeking to issue writ in the nature of Certiorari calling for records relating to the order dated 22.04.2021 passed in O.C. No. 1367 of 2020 by the respondent No. 3 confirming the Provisional Attachment Order No. 3 of 2020 dated 27.10.2020 in ECIR/HYZO/01/2016 of the respondent No. 2 and consequently prayed this Court to set aside the said orders as being contrary to the provisions of Prevention of Money Laundering Act, 2002 (for short “PMLA Act”), arbitrary and unconstitutional.
2. It is stated that petitioner is an Asset Reconstruction Company (for short “ARC”) and it obtained license under Section of the Securitization and Reconstruction of Financial Assets and Enforcement of Securities Interest Act, 2002 (for short “SARFAESI Act”) from the Reserve Bank of India (RBI) and the RBI also issued Certificate of Registration on 05.12.2014. It is further stated that the said Certificate of Registration was cancelled by the RBI vide order dated 30.08.2019 alleging that the petitioner failed to meet the capital requirements as mandated by it. It is the case of the petitioner that under the mechanism evaluated for appointment
The court ruled that statutory remedies must be exhausted before seeking relief under Article 226 of the Constitution.
The court ruled that a writ petition under Article 226 cannot be entertained if an effective alternative remedy exists, emphasizing the need to exhaust statutory remedies before approaching the High ....
Properties acquired before the commission of an alleged offence cannot be attached under the Prevention of Money Laundering Act, and due process must be followed in such proceedings.
Provisional attachment order - Act itself does not provide any opportunity of hearing to concerned party prior to passing of order of provisions attached under Section 5 of Act. Rightly so as after o....
(1) Writ petitions filed against proposed action under Section 13(4) of SARFAESI Act is not maintainable and/or entertainable at all.(2) Recovery of debt – High Court should have been extremely caref....
Writ petitions are not entertained when alternative statutory remedies are available under the relevant legislation, emphasizing adherence to legal protocols for addressing grievances.
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