Ministry of Finance must place its stand on Petition for Attachment of assets post the resolution plan being approved

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Last updated: 22 February 2021
Quick Summary
The Delhi High Court has directed the Ministry of Finance to clarify its position regarding the attachment of assets belonging to M/s. Deccan Chronicles Holding Limited. This follows a provisional attachment order issued by the Directorate of Enforcement. The bank had declared the company's account as a Non-Performing Asset and initiated recovery proceedings before the Debt Recovery Tribunal and under the SARFAESI Act.

Court :
Delhi High Court

Brief :
The Union Bank of India has approached this Court challenging the provisional attachment order dated 15th October, 2020 passed by the PMLA Adjudicating Authority i.e., Deputy Director, Directorate of Enforcement, under the provisions of Prevention of Money Laundering Act, 2002 (hereinafter referred as “PML Act”).

Citation :
W.P.(C) 1547/2021 & CM APPL. 4433/2021

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