Attachment of debts and shares under GST permits prohibitory orders blocking recovery, transfer, payment, and delivery of movable property. Attachment of a debt not secured by a negotiable instrument, a share in a corporation, or other movable property not in the possession of the defaulter is effected by a written order in FORM GST DRC-16. The order prohibits, in the case of a debt, the creditor from recovering the debt and the debtor from making payment; in the case of a share, the person in whose name the share stands from transferring it or receiving dividends; and in the case of other movable property, the person in possession from delivering it to the defaulter. Property deposited in, or in the custody of, any court is excluded from this mode of attachment.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Attachment of debts and shares under GST permits prohibitory orders blocking recovery, transfer, payment, and delivery of movable property.
Attachment of a debt not secured by a negotiable instrument, a share in a corporation, or other movable property not in the possession of the defaulter is effected by a written order in FORM GST DRC-16. The order prohibits, in the case of a debt, the creditor from recovering the debt and the debtor from making payment; in the case of a share, the person in whose name the share stands from transferring it or receiving dividends; and in the case of other movable property, the person in possession from delivering it to the defaulter. Property deposited in, or in the custody of, any court is excluded from this mode of attachment.
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