JOINT DIRECTOR, ENFORCEMENT Vs. HDFC BANK LTD.

JUDGEMENT

(1.) Heard.

(2.) Admit. Heard finally with the consent of the learned counsel for the parties.

(3.) These appeals are filed under Sec. 42 of the Prevention of Money Laundering Act, 2022 (For the sake of brevity hereinafter referred to as "PMLA") before this Court. The present appeal bearing First Appeal No.1413 of 2017 is preferred for challenging the order dtd. 28/08/2017 passed by the Appellate Tribunal under the PMLA in Appeal No.FPA-PMLA-1368/GOA/ 2016. By the said order, the learned Tribunal allowed the appeal filed by the respondent-HDFC Bank under Sec. 26 of the PMLA. By the said order, the Tribunal set aside confirmation of provisional attachment order dtd. 30/05/2016, insofar as it affected the mortgaged properties. The Tribunal further held that secured creditors are entitled to priority in view of Sec. 31-B of the Recovery of Debts and Bankruptcy Act, 1993 (For the sake of convenience hereinafter referred to as "RDB Act") and Sec. 26-E of the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (For the sake of convenience hereinafter referred to as "SARFAESI Act"). The respondent-Bank was permitted to proceed with enforcement of its security interest. The main points involved in the present matters are as under:-