The federal agency moved the appellate tribunal last week, challenging the order of its own adjudicating authority, which refused to confirm the attachment made by ED. The agency had early this year, provisionally attached assets valued at Rs 78.15 crore, which include the Kochhar’s 2,230 sq ft Churchgate flat that has a book value of Rs 3.5 crore, as proceeds of crime.
During the hearing, the ED counsel also sought stay on the adjudication order, as the agency claimed that the impugned order, passed by the authority, went beyond its jurisdiction.
On November 6, the authority not only refused to confirm the attachment but also trashed the contention that a loan was given by ICICI Bank
to Videocon Group following which an alleged kickback of Rs 64 crore was paid to Deepak Kochhar.
The adjudicating authority had said in the 800-page order that ICICI Bank’s Rs 300 crore loan to Videocon International Electronics (VIEL) in September 2009 was never declared a non-performing asset and was in line with the bank’s credit policy.