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Supreme Court Allows M3M to Swap ED-Attached Assets Under PMLA

Nine strict conditions from the Enforcement Directorate aim to guarantee marketable titles with clear ownership before substitution proceeds

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The Supreme Court has allowed realty firm M3M Group's plea for substitution of the provisionally attached property by the Enforcement Directorate under the Prevention of Money Laundering Act, 2002.

Overview

  • A bench of Justices P S Narasimha and R Mahadevan overturned the Punjab & Haryana High Court’s refusal and permitted M3M’s plea for asset substitution
  • Approval hinges on nine conditions set by the Enforcement Directorate, including verification of undisputed ownership and clear title through documentary evidence
  • M3M must submit certificates confirming replacement properties are free of mortgages, liens, pledges or any third-party claims
  • The developers have filed notarised undertakings barring sale or transfer of substituted assets and provided indemnity bonds as required
  • The Enforcement Directorate’s ongoing PMLA money-laundering investigation into M3M’s Broadway project in Haryana remains in progress