https://www.taxtmi.com/caselaws?id=363032 A bona fide secured creditor's prior mortgage and possession of property, established before the alleged money-laundering activity and unconnected with the scheduled offence, cannot be displaced by provisional attachment under the Prevention of Money Laundering Act, 2002. Where the properties were already under SARFAESI action and the creditor was not shown to be involved in the underlying offence or in any laundering process, the attachment was held unsustainable against that creditor. The later priority provisions in Section 26E of the SARFAESI Act and Section 31B of the Recovery of Debts and Bankruptcy Act were treated as reinforcing the secured creditor's precedence over enforcement under the money-laundering law on these facts. en-us Thu, 28 Jun 2018 00:00:00 +0530 Sat, 07 Jul 2018 08:14:52 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=363032 A bona fide secured creditor's prior mortgage and possession of property, established before the alleged money-laundering activity and unconnected with the scheduled offence, cannot be displaced by provisional attachment under the Prevention of Money Laundering Act, 2002. Where the properties were already under SARFAESI action and the creditor was not shown to be involved in the underlying offence or in any laundering process, the attachment was held unsustainable against that creditor. The later priority provisions in Section 26E of the SARFAESI Act and Section 31B of the Recovery of Debts and Bankruptcy Act were treated as reinforcing the secured creditor's precedence over enforcement under the money-laundering law on these facts. Case-Laws Money Laundering Thu, 28 Jun 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=363032