https://www.taxtmi.com/caselaws?id=369045 Mortgaged properties belonging to persons not accused in the scheduled offence or PMLA proceedings could not be provisionally attached and confirmed as equivalent value of alleged proceeds of crime where the assets were not derived from criminal proceeds, the lenders held prior valid security interests, and no nexus was shown with laundering activity. The statutory priority given to secured creditors under the SARFAESI framework and the Recovery of Debts and Bankruptcy Act was treated as governing the competing claims. On these facts, attachment over properties already subject to bona fide mortgage rights was unsustainable, and the mortgaged properties were to be released from attachment. en-us Thu, 20 Sep 2018 00:00:00 +0530 Sat, 20 Oct 2018 09:57:24 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=369045 Mortgaged properties belonging to persons not accused in the scheduled offence or PMLA proceedings could not be provisionally attached and confirmed as equivalent value of alleged proceeds of crime where the assets were not derived from criminal proceeds, the lenders held prior valid security interests, and no nexus was shown with laundering activity. The statutory priority given to secured creditors under the SARFAESI framework and the Recovery of Debts and Bankruptcy Act was treated as governing the competing claims. On these facts, attachment over properties already subject to bona fide mortgage rights was unsustainable, and the mortgaged properties were to be released from attachment. Case-Laws Money Laundering Thu, 20 Sep 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=369045