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