BERMACO ENERGY SYSTEMS LIMITED Vs. DIRECTORATE OF ENFORCEMENT

JUDGEMENT

(1.) Bermaco Energy Systems Ltd has filed an Appeal u/.s.42 of the Prevention of Money Laundering Act, 2002 (PMLA), assailing the order dtd. 03/08/2023 passed by the PMLA Appellate Tribunal, New Delhi in Miscellaneous Application No. MP-PMLA-11711/AHD/2023 in Appeal No. FPA-PMLA/5870-AHD/2023, since the Tribunal has dismissed its Miscellaneous Application, praying for stay of the notice of eviction dtd. 12/4/2023. The notice of eviction in ECIR/AMZO/11/2020/AD(HR)/581 issued by the Directorate of Enforcement called upon the appellant to vacate and hand over the peaceful possession of the attached properties within five days of its receipt, on the specific ground stated therein to the following effect:

(2.) We have heard learned Senior Counsel Mr. Aabad Ponda for the appellant and Mr Sandesh Patil for the respondent. Since at this stage, we are not concerned with the factual details, suffice it to note that on 21/09/2022, a provisional Attachment Order no.08/2022 was passed, which was confirmed by the Adjudicating Authority on 14/03/2023. On 12/04/2023, a notice for eviction was issued by the respondent and being aggrieved, the appellant preferred the Appeal before the Tribunal, praying for stay to the effect and implementation of the order dtd. 14/03/2023 and the notice of eviction.

(3.) Prevention of Money Laundering Act, 2002 is an Act to prevent money laundering and to provide for confiscation of property derived from, or involved in, money laundering and for matters connected therewith. Its statement of objects and reasons clearly focus upon the intention of the Parliament in bringing the special statute to deal with money laundering, which poses a serious threat not only to the financial system of countries, but also to their integrity and sovereignty, and a comprehensive legislation inter alia for preventing money-laundering, attachment of proceeds of crime, adjudication and confiscation thereof including vesting of it in the Central Government, setting up of agencies and mechanisms for coordinating measures for combating money-laundering money laundering etc, was therefore, introduced. The proposed legislation intended to include specific provisions for dealing with the menace of money laundering by entrusting the enforcement of the said Act to Directorate of Enforcement.