https://www.taxtmi.com/caselaws?id=348689 A valid pre-existing security interest of a bona fide secured creditor in a hypothecated vehicle takes priority over a later provisional attachment under the PMLA where the asset is not shown to be proceeds of crime and the creditor is not implicated in money laundering. The tribunal relied on the statutory priority given to secured creditors under section 31B of the Recovery of Debts Due to Banks and Financial Institutions Act, 1993, together with the SARFAESI framework, to hold that enforcement of the bank's security could proceed. The attachment was therefore not sustainable, and the bank was permitted to sell the vehicle to recover its dues. en-us Wed, 13 Sep 2017 00:00:00 +0530 Wed, 27 Sep 2017 09:13:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=348689 A valid pre-existing security interest of a bona fide secured creditor in a hypothecated vehicle takes priority over a later provisional attachment under the PMLA where the asset is not shown to be proceeds of crime and the creditor is not implicated in money laundering. The tribunal relied on the statutory priority given to secured creditors under section 31B of the Recovery of Debts Due to Banks and Financial Institutions Act, 1993, together with the SARFAESI framework, to hold that enforcement of the bank's security could proceed. The attachment was therefore not sustainable, and the bank was permitted to sell the vehicle to recover its dues. Case-Laws Money Laundering Wed, 13 Sep 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=348689