https://www.taxtmi.com/caselaws?id=373163 A bona fide secured creditor's right to realise secured debt under the amended SARFAESI and RDDBFI enactments, effective from 16.08.2016, was treated as prevailing over inconsistent attachment claims under the PMLA because the later special statutes contained overriding non obstante clauses. The Tribunal also found that a fixed deposit under valid lien in favour of the bank was a secured asset with no nexus to criminal activity, so it could not be characterised as proceeds of crime or continue under provisional attachment. The attachment against the secured asset was lifted, while proceedings against the borrower were allowed to continue. en-us Wed, 02 Jan 2019 00:00:00 +0530 Tue, 08 Jan 2019 07:58:07 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=373163 A bona fide secured creditor's right to realise secured debt under the amended SARFAESI and RDDBFI enactments, effective from 16.08.2016, was treated as prevailing over inconsistent attachment claims under the PMLA because the later special statutes contained overriding non obstante clauses. The Tribunal also found that a fixed deposit under valid lien in favour of the bank was a secured asset with no nexus to criminal activity, so it could not be characterised as proceeds of crime or continue under provisional attachment. The attachment against the secured asset was lifted, while proceedings against the borrower were allowed to continue. Case-Laws Money Laundering Wed, 02 Jan 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=373163