M/S. JERMYN CAPITAL LLC DUBAI versus CENTRAL BUREAU OF INVESTIGATION & ORS.

M/S. JERMYN CAPITAL LLC DUBAI versus CENTRAL BUREAU OF INVESTIGATION & ORS.

The Supreme Court allowed the modification application and held that the earlier order dated 09.05.2023 would be modified to permit the appellant to unconditionally withdraw the sum of Rs.38.52 crore along with the fixed deposit interest accrued thereon, thereby setting aside the condition to furnish a bank...

Source-derived case information.

Parties
Appellant: M/S. JERMYN CAPITAL LLC DUBAI; Respondent: CENTRAL BUREAU OF INVESTIGATION & ORS.
Jurisdiction
India
Judgment Date
17 May 2023
Procedural Posture
Criminal Appeal No. 1434 of 2023; Miscellaneous Application No. 1278 of 2023 / Application to Modify Order Dated 09.05.2023 (modification of Earlier Supreme Court Order)
Outcome
IA No.100413/2023 allowed; M.A. No.1278/2023 disposed of; order dated 09.05.2023 modified to permit unconditional withdrawal of Rs.38.52 crore along with fixed deposit interest accrued thereon.
Legal Topics
Modification of Order, Bank Guarantee, Fixed Deposit Interest, Withdrawal of Sale Proceeds
Criminal Law Securities Law Banking and Finance Procedure Modification of Order Bank Guarantee Fixed Deposit Interest Withdrawal of Sale Proceeds

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Parties

M/S. JERMYN CAPITAL LLC DUBAI

Appellant

CENTRAL BUREAU OF INVESTIGATION & ORS.

Respondent

Procedural Posture

Criminal Appeal No. 1434 of 2023; Miscellaneous Application No. 1278 of 2023 / Application to Modify Order Dated 09.05.2023 (modification of Earlier Supreme Court Order)

Legal Issues

  1. 1 Whether the appellant should be permitted to unconditionally withdraw the sum of Rs.38.52 crore along with fixed deposit interest accrued thereon
  2. 2 Whether the condition to furnish a bank guarantee and the earlier direction of 4% simple interest should be set aside in view of prior orders directing placement of sale proceeds in fixed deposits

Ratio Decidendi

The Supreme Court allowed the modification application and held that the earlier order dated 09.05.2023 would be modified to permit the appellant to unconditionally withdraw the sum of Rs.38.52 crore along with the fixed deposit interest accrued thereon, thereby setting aside the condition to furnish a bank guarantee and the previous direction of 4% simple interest.

Court Disposition

IA No.100413/2023 allowed; M.A. No.1278/2023 disposed of; order dated 09.05.2023 modified to permit unconditional withdrawal of Rs.38.52 crore along with fixed deposit interest accrued thereon.

Orders

  • The final order dated 09.05.2023 in Criminal Appeal No.1434 of 2023 is modified by substituting paragraph 21 to read: 'As a consequence, the appellant shall be permitted to unconditionally withdraw the aforesaid amount along with the fixed deposit interest amount that has accrued thereon.'
  • IA No.100413/2023 is allowed.