KOTAK MAHINDRA BANK LTD vs DIRECTORATE OF ENFORCEMENT & ORS.

Judgment text excerpt

$~28 * IN THE HIGH COURT OF DELHI AT NEW DELHI Date of Decision: 21st March, 2025 + MISC. APPEAL(PMLA) 13/2025 & CM APPL. 16592/2025 KOTAK MAHINDRA BANK LTD .....PETITIONER Through: Mr. Ashwani Kr., Advocate. versus DIRECTORATE OF ENFORCEMENT & ORS. .....RESPONDENTS Through: Mr. Ravi Prakash, Sr. Advocate with Mr. Manish Jain, SPP, Ms. S. Ganguly, Ms. Snehal, Ms. Mimansa Pragya and Mr. Ali Khan, Advocates for R-1. CORAM: JUSTICE PRATHIBA M. SINGH JUSTICE RAJNEESH KUMAR GUPTA Prathiba M. Singh, J. (Oral) 1. This hearing has been done through hybrid mode. 2. The present appeal has been filed by the Appellant- Kotak Mahindra Bank Ltd under Section 42 of the Prevention of Money Laundering Act, 2002 (hereinafter, ‘PMLA’), challenging the order dated 19th December, 2024 passed by the Prevention of Money Laundering (“Appellate Tribunal”). 3. ING Vysya bank (now merged with the Petitioner bank) had sanctioned a loan of Rs. 2,30,00,000/- vide sanction letter dated 24th March, 2015 to the Petitioner - Mr. Gurcharan Singh. The same was sanctioned Signature Not Verified Signed By:MANJEET MISC. APPEAL(PMLA) 13/2025 Page 1 of 7 KAUR Signing Date:26.03.2025 11:54:22 under a Master Facility Agreement dated 28th April, 2015. As a collateral for the said loan, security was given of property i.e., Plot bearing No. 1111, Basement and Ground Floor, DLF Phase-4, Gurgaon, Haryana (hereinafter, ‘property’). 4. A provisional attachment order was passed on 18th December, 2015 and on 01st June, 2016 the same was confirmed by the PMLA Adjudicating Authority. Then certain proceedings under the PMLA were commenced against the borrower and notice dated 12th January, 2016 was issued by the Respondent No. 1- Directorate of Enforcement to the Appellant to appear before the Adjudicating Authority. 5. The