ORDER

% 11.01.2023

1.Learned counsel for the Respondent states that the Department had frozen 37 bank accounts of the three Petitioner Companies. He states that the status of the said bank accounts as on date are as follows:

(i)24 bank accounts have been defreezed by the concerned banks, as on date, and the Petitioners can operate their respective accounts.

(ii)5 bank accounts could not be defreezed as the status of the bank account as per the records of the bank is marked as dormant. He states, however, the Respondent herein has clarified to the concerned banks that Respondent does not have any lien on the bank account. He, therefore, states that the that the revival and operation of the said accounts is now between the concerned banker and the Petitioners.

(iii)with respect to 4 bank accounts, he states that the Respondent has clarified to the concerned banks that Respondent has no lien on the said bank accounts. However, the bankers have informed the Respondent that the said bank accounts cannot be defreezed because of the pending KYC compliance. He states that the revival and operation of these 4 bank accounts is now between the concerned banker and the Petitioners.

(iv)With respect to the remaining 4 bank accounts, he states that the said bank accounts have not been defreezed by the concerned bankers because they have been since closed. He states that the Respondent has however clarified to the bank that Respondent has no subsisting lien on these closed accounts.

2.He states that he will file a status report setting out the aforesaid statement with the details of the 37 bank accounts, within a period of two days from today, with an advance service to the Petitioner.

3.He states that in addition there are 14 separate bank accounts with respect to two separate juristic entities Blue Evolution Trading Pvt. Ltd. and White Mountain Trading Pvt. Ltd. He states that though these companies are not Petitioners herein, they are, however, sister concerns of the Petitioners. He states that the Respondent has also taken steps with respect to the 14 bank accounts of the said two entities. He states that the status of the said 14 bank accounts, as on date, is as follows:<br/>

(i)11 bank accounts have been defreezed.

(ii)with respect to 2 bank accounts, they are in a dormant status and therefore, the banker has not defreezed them. He states that the Respondent has clarified to the concerned banker that Respondent has no subsisting lien on these accounts. He states that the relevant account holder should resolve the issue with the Banker in this regard.

(iii)with respect to remaining 1 bank account, the concerned bank has been unable to defreeze it due to the pendency of KYC compliance. He states that the Respondent has communicated to the concerned banker that Respondent has no subsisting lien on this account. He states that the relevant account holder should resolve the issue with the Banker in this regard.

4.He states that in his status report, he shall also duly disclose details of the aforesaid 14 bank accounts and the steps taken by the Respondent.

5.In reply, learned counsel for the Petitioner states that she, however, needs to verify the said facts stated by the Respondent.

6.These Petitions are being disposed of taking the statement of the learned counsel for Respondent on record.

7.In case, the Petitioners finds that the statement on status of bank accounts in the status affidavit is incorrect, the Petitioners will be at liberty to revive the relevant petition.

8.In view of the aforesaid compliance by the Respondent, the petitions are disposed of. MANMEET PRITAM SINGH ARORA, J JANUARY 11, 2023/ rhc/hp