https://www.taxtmi.com/caselaws?id=347297 A prior and subsisting security interest in mortgaged property was treated as having statutory priority over a later provisional attachment under the Prevention of Money Laundering Act, 2002. The Tribunal applied the 2016 amendments introducing Section 31B of the Recovery of Debts and Bankruptcy Act, 1993 and Section 26E of the SARFAESI Act, and held that secured creditors retain priority in recovery over inconsistent claims. Because the bank had already initiated SARFAESI measures as a secured creditor, the attachment and confirming order were unsustainable against the bank, and the property was to be released from attachment. en-us Mon, 28 Aug 2017 00:00:00 +0530 Sat, 02 Sep 2017 11:14:32 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=347297 A prior and subsisting security interest in mortgaged property was treated as having statutory priority over a later provisional attachment under the Prevention of Money Laundering Act, 2002. The Tribunal applied the 2016 amendments introducing Section 31B of the Recovery of Debts and Bankruptcy Act, 1993 and Section 26E of the SARFAESI Act, and held that secured creditors retain priority in recovery over inconsistent claims. Because the bank had already initiated SARFAESI measures as a secured creditor, the attachment and confirming order were unsustainable against the bank, and the property was to be released from attachment. Case-Laws Money Laundering Mon, 28 Aug 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=347297