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Synopsis

A division bench of the Bombay High Court comprising Justice Revati Mohite Dere and Justice Gauri Godse today while hearing a plea filed by Punjab National Bank and Enforcement Directorate for claim over the property of fugitive economic offender Nirav Modi remarked that no steps were being taken by the PNB Bank when such huge sum of public money was involved.

"Huge amount of money involved and no steps taken by the bank. It is ultimately public money. When common man has to take loan..," the division bench remarked.

Punjab National Bank's lawyer responded to this stating that the bank was not even aware and all the loans were unauthorized.

The remarks were made while the high court was hearing an appeal filed by the Enforcement Directorate and Punjab National Bank against the order of the trial court.  

PNB's counsel, today, informed the court that out of 48 properties, the PMLA Special Court had adjudicated 47 properties. He submitted that out of the attached properties, the special court had given 40 properties to Punjab National Bank and 7 properties to Enforcement Directorate.

The Enforcement Directorate had filed an appeal against the order of the special court claiming that the agency had the right over properties that were given to the bank. 

On the other hand, the PNB filed an appeal against the order of the special court claiming that it had rights over the property which was given to the agency by the special court. 

The bank contended that due to non-payment of dues, the financial conditions of the bank were affected whereas the agency contended that it had first rights over unsecured assets.

The high court then granted two weeks to the agency to file its reply and kept the matter for hearing after three weeks.

The attached property of Nirav Modi includes coins, jewels, Modi's sister's flat in Mumbai, his wife's flat in New York, and other movable assets in the house of Modi's Worli flat.

Case title: PNB Bank vs ED