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Equivalent-value attachment under the Prevention of Money-Laundering Act requires that proceeds of crime have been passed on or layered and are unavailable with the person or entity to whom they were laundered. Attachment was not justified where subsidiary companies had no established money trail to the alleged kickback. Provisional attachment also requires a real likelihood that confiscation will be frustrated; mortgaged properties subject to admitted insolvency proceedings could be sold or transferred only under National Company Law Tribunal orders. The confirmation order was set aside, and the properties remained subject to the insolvency proceedings.
Equivalent-value attachment under the Prevention of Money-Laundering Act requires that proceeds of crime have been passed on or layered and are unavailable with the person or entity to whom they were laundered. Attachment was not justified where subsidiary companies had no established money trail to the alleged kickback. Provisional attachment also requires a real likelihood that confiscation will be frustrated; mortgaged properties subject to admitted insolvency proceedings could be sold or transferred only under National Company Law Tribunal orders. The confirmation order was set aside, and the properties remained subject to the insolvency proceedings.
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