APPELLATE TRIBUNAL UNDER SAFEMA AT NEW DELHI

1. MP-PMLA-193/JL/2024 (Misc.)

MP-PMLA-13568/JL/2023 (Exemp.)

MP-PMLA-13567/JL/2023 (Stay)

FPA-PMLA-6706/JL/2023 Central Bank of India … Appellant

2. MP-PMLA-186/JL/2024 (Misc.)

MP-PMLA-13572/JL/2023 (Exemp.)

MP-PMLA-13571/JL/2023 (Stay)

FPA-PMLA-6707/JL/2023 Indian Overseas Bank … Appellant

3. MP-PMLA-187/JL/2024 (Misc.)

MP-PMLA-13465/JL/2023 (Exemp.)

MP-PMLA-13466/JL/2023 (Stay)

FPA-PMLA-6666/JL/2023 Indian Bank … Appellant

4. MP-PMLA-188/JL/2024 (Misc.)

MP-PMLA-13468/JL/2023 (Exemp.)

MP-PMLA-13469/JL/2023 (Stay)

FPA-PMLA-6667/JL/2023 Bank of Maharashtra … Appellant

5. MP-PMLA-189/JL/2024 (Misc.)

MP-PMLA-13471/JL/2023 (Exemp.)

MP-PMLA-13472/JL/2023 (Stay)

FPA-PMLA-6668/JL/2023 Punjab & Sind Bank … Appellant

6. MP-PMLA-190/JL/2024 (Misc.)

MP-PMLA-13474/JL/2023 (Exemp.)

MP-PMLA-13475/JL/2023 (Stay)

FPA-PMLA-6669/JL/2023 UCO Bank … Appellant

7. MP-PMLA-191/JL/2024 (Misc.)

MP-PMLA-13477/JL/2023 (Exemp.)

MP-PMLA-13478/JL/2023 (Stay)

FPA-PMLA-6670/JL/2023 Union Bank of India … Appellant

8. MP-PMLA-192/JL/2024 (Misc.)

MP-PMLA-13480/JL/2023 (Exemp.)

MP-PMLA-13481/JL/2023 (Stay)

FPA-PMLA-6671/JL/2023 Punjab National Bank … Appellant Versus The Deputy Director Directorate of Enforcement, Jalandhar & Ors. … Respondents Advocates/Authorized Representatives who appeared For the Appellants : Counsel appeared For the Respondents : Mr. Abhimanyu Kaul, Advocate &

Mr. Yatur Bhalla, Advocate (for Respondent-2)

CORAM:

JUSTICE MUNISHWAR NATH BHANDARI : CHAIRMAN SHRI V. ANANDARAJAN : MEMBER

FINAL ORDER

28.04.2025 FPA-PMLA-6666-6671& 6706-6707/JL/2023 By this batch of appeals filed by the financial institutions, a challenge has been made to the order dated 28.07.2023 passed by the Adjudicating Authority confirming the Provisional Attachment Order (PAO) dated 17.02.2023.

2. It is a case where an FIR was registered on 06.08.2020 by the CBI, New Delhi for the offence under Section 120- B/403/420/467/468/471 of IPC and Section 13(2) read with Section 13(1)(d) of the Prevention of Corruption Act, 1988. It is alleged that M/s SEL Textiles Ltd. and other accused caused wrongful loss to the consortium of banks to the tune of Rs.1530.99 Crores between year 2009 to 2013. They fraudulently diverted the loan amount for the purpose other than the one for which it was sanctioned. Accordingly, ECIR was recorded on 08.10.2020, 3. The respondents have attached the properties under mortgage with the financial institutions. The present appeals have been filed on the ground that the financial institutions became victim first in the hands of the accused when they laundered the money to the tune of Rs.1530.99 Crores and now on account of attachment of their properties, they are unable to realize the amount. It is more so when they lodged the FIR against M/s SEL Textiles Ltd. and others.

4. We find that serious allegations exist against M/s SEL Textiles Ltd. and other accused whose properties have been attached though was largely under mortgage with the financial institutions. This appeal is not by M/s SEL Textiles Ltd. to challenge the Provisional Attachment Order or the order of the Adjudicating Authority. The appellants/financial institutions are seeking release of the attached properties for which they could have otherwise invoked jurisdiction of the Special Court under Section 8(7) and 8(8) of the Act of 2002 which is reproduced hereunder:

“8. Adjudication.

1 to 6 x x (7) Where the trial under this Act cannot be conducted by reason of the death of the accused or the accused being declared a proclaimed offender or for any other reason or having commenced but could not be concluded, the Special Court shall, on an application moved by the Director or a person claiming to be entitled to possession of a property in respect of which an order has been passed under sub- section (3) of section 8, pass appropriate orders regarding confiscation or release of the property, as the case may be, involved in the offence of money-laundering after having regard to the material