Bank Cannot Priority-Claim Benami Property When Unencumbered Borrower Assets are Sufficient for SARFAESI Recovery Issue Whether a secured creditor bank under the SARFAESI Act has priority to enforce its mortgage over a property attached as benami under the PBPT Act, when the benamidar had no legal right to mortgage the property and the bank holds… Read More »
Reviews applicants’ routing of demonetized cash through benamidars back to themselves constitutes a valid benami transaction Issue Whether the definition of a ‘benami transaction’ under Section 2(9)(A) of the Prohibition of Benami Property Transactions Act, 1988 requires concealment of the beneficial owner or future benefit to a third party, or whether providing consideration for property… Read More »
Provisional Attachment Order under PBPT Act Quashed due to Approval Preceding Section 24 Notice Issue Whether a Provisional Attachment Order and its subsequent confirmation under Section 24 of the Prohibition of Benami Property Transactions Act, 1988 are valid when the approval of the Approving Authority under Section 24(3) was obtained prior to issuing the foundational… Read More »
Acquisition of RIL shares through financially incapable RPPL constitutes a benami transaction, but freezing untainted shares is invalid. Acquisition of RIL shares through financially incapable RPPL constitutes a benami transaction, but freezing untainted shares is invalid. Issue Whether the acquisition of 10.43 lakh shares of RIL by RPPL using funds routed from promoter-linked entities constitutes… Read More »
Provisionally attaching funds in appellant’s account is justified as unexplained RTGS credits constitute benami transactions Issue Whether the Initiating Officer was justified in treating Shri Asit B. Doshi as the benamidar and the appellant as the beneficial owner under Section 2(9) of the Prohibition of Benami Property Transactions Act, 1988, and provisionally attaching funds in… Read More »
Unexplained Demonetized Cash Deposits And Subsequent RTGS Transfers From Unknown Entities Constitute Benami Transactions Under PBPT Act Issue Whether unexplained deposits of demonetized currency and subsequent RTGS transfers into a proprietorship’s bank account from unknown entities, unsupported by independent trade evidence, constitute a ‘benami transaction’ under Section 2(9) read with Section 2(26), justifying provisional attachment… Read More »