https://www.taxtmi.com/caselaws?id=376801 Prior valid mortgage rights in favour of a bona fide secured creditor were held to take priority over later attachment under the money-laundering framework, so the attachment and confirmation could not be sustained against properties already secured to the bank. The Tribunal also noted that the lending transactions were legitimate, the bank was not accused of money-laundering, and recovery statutes protecting secured creditors governed the field. It further found that continuation of the attachment proceedings after commencement of the insolvency moratorium was impermissible, as those proceedings were treated as civil in nature. The confirmation order was therefore set aside for the mortgaged properties, while action against the accused and other assets could continue in accordance with law. en-us Fri, 08 Mar 2019 00:00:00 +0530 Sat, 16 Mar 2019 08:24:42 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=376801 Prior valid mortgage rights in favour of a bona fide secured creditor were held to take priority over later attachment under the money-laundering framework, so the attachment and confirmation could not be sustained against properties already secured to the bank. The Tribunal also noted that the lending transactions were legitimate, the bank was not accused of money-laundering, and recovery statutes protecting secured creditors governed the field. It further found that continuation of the attachment proceedings after commencement of the insolvency moratorium was impermissible, as those proceedings were treated as civil in nature. The confirmation order was therefore set aside for the mortgaged properties, while action against the accused and other assets could continue in accordance with law. Case-Laws Money Laundering Fri, 08 Mar 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=376801