VANPIC PROJECTS PRIVATE LIMITED Vs. DEPUTY DIRECTOR

JUDGEMENT

(1.) Heard Mr. Atul Nanda, learned Senior Counsel for Mr. Tarun G. Reddy, learned counsel for the appellant and Mr. T. Surya Karan Reddy, learned Additional Solicitor General of India for Mr. Anil Prasad Tiwari, learned standing counsel, Enforcement Directorate for the respondent.

(2.) This is an appeal under Sec. 42 of the Prevention of Money Laundering Act, 2002 assailing the order dtd. 26/7/2019 passed by the Appellate Tribunal for Prevention of Money Laundering Act at New Delhi (briefly, 'the Appellate Tribunal' hereinafter) in FPA-PMLA- 747/DLI/2014 to the limited extent of continuation of attachment of the property of the appellant. A consequential prayer has been made by the appellant for a direction to the respondent to release the said property from attachment.

(3.) Appellant is a company and is a Special Purpose Vehicle for implementation of the Vodarevu and Nizampatnam Ports and Industrial Corridor Project, also known as VANPIC Project. VANPIC Project is a Government to Government project conceptualised by virtue of an arrangement between Government of Andhra Pradesh and Government of Ras al Khaimah, one of the emirates of United Arab Emirates. For the purpose of VANPIC Project, appellant i.e., VANPIC Projects Private Limited and another Special Purpose Vehicle by the name VANPIC Ports Private Limited had acquired 13,221.69 acres of land in all, including assigned and patta land.