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The Delhi High Court allowed the application regarding money laundering and provisional attachment of property. The court ordered the substitution of the attached property, a land worth Rs. 4,68,60,710/-, with a bank guarantee of equivalent amount to be provided by the petitioner within 15 days. The bank guarantee will have a lien in favor of the respondent and will be kept active through periodic renewals until the trial concludes. If the respondents succeed, they can encash the bank guarantee. The petitioner must submit an affidavit undertaking not to create any interest in the bank guarantee for any other party. This decision aligns with Supreme Court precedents allowing substitution of attached property with financial instruments.
The Delhi High Court allowed the application regarding money laundering and provisional attachment of property. The court ordered the substitution of the attached property, a land worth Rs. 4,68,60,710/-, with a bank guarantee of equivalent amount to be provided by the petitioner within 15 days. The bank guarantee will have a lien in favor of the respondent and will be kept active through periodic renewals until the trial concludes. If the respondents succeed, they can encash the bank guarantee. The petitioner must submit an affidavit undertaking not to create any interest in the bank guarantee for any other party. This decision aligns with Supreme Court precedents allowing substitution of attached property with financial instruments.
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