The Cosmos Co-Operative Bank Ltd v. The Director Directorate Of Enforcement And ORS

$~10 *

IN THE HIGH COURT OF DELHI AT NEW DELHI

+ W.P.(C) 6934/2017 THE COSMOS CO-OPERATIVE BANK LTD ..... Petitioner Through:

Mr Saurabh Kirpal, Mr Ninad Laud, Mr Dilip Taur and Mr Aditya Pratap Swain, Advocates.

versus THE DIRECTOR DIRECTORATE OF ENFORCEMENT AND ORS ..... Respondents Through:

Ms Yammi Phazang, Mr Sayandeep Pahari, Ms Misha P.

Madhu, Advocates for Mr Vinod Diwakar, CGSC for R-1 and R-2.

Mr Sunil Fernandes with Mr Arnav Vidyarathi, Ms Anju Thomas and Ms Priyansha Indra Sharma, Advocates for R-3.

CORAM:

HON'BLE MR. JUSTICE VIBHU BAKHRU

O R D E R

% 09.01.2019 1.

At the outset, Mr Kirpal, learned counsel appearing for the petitioner submits that the petitioner would avail of its remedies as available under the Prevention of Money Laundering Act, 2002.

He seeks to withdraw the present petition with the aforesaid liberty.

He, however, requests that in case an order adverse to the petitioner is passed by the Adjudicating Authority, the same may not be given effect to for a period of four weeks to enable the petitioner to file an appropriate appeal before the Tribunal

constituted under the Prevention of Money Laundering Act, 2002. 2.

The learned counsel appearing for the respondents states that the main counsel who has to argue the matter is indisposed. 3.

Considering that an interim order is continued in this matter since 11.08.2017, this Court finds it apposite to accede to the request made by the learned counsel for the petitioner. Accordingly, the petition is dismissed as withdrawn with liberty to the petitioner to take all available contentions before the concerned authorities/Appellate Tribunal. 4.

It is clarified that if the Adjudicating Authority passes an order confirming the attachment of property, no further coercive steps would be taken for a further period of four weeks, thereafter. 5.

It is clarified that nothing stated in this order should be construed as an expression of opinion (either prima facie or otherwise) as to the merits of the dispute.

VIBHU BAKHRU, J JANUARY 09, 2019 MK