https://www.taxtmi.com/caselaws?id=382129 A bona fide secured creditor's prior mortgage and security interest could not be displaced by PMLA attachment where the properties were not shown to be proceeds of crime and there was no material that the encumbrance was created to defeat the attachment regime; attachment could operate only beyond the secured creditor's claim. Continuation and confirmation of attachment also could not survive once insolvency proceedings had begun and a moratorium was in force, as the PMLA proceedings were treated as civil in nature and inconsistent with the moratorium's legal effect. The impugned confirmation of provisional attachment was therefore unsustainable, while the banks' prior secured rights were preserved. en-us Tue, 18 Jun 2019 00:00:00 +0530 Wed, 26 Jun 2019 07:34:27 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=382129 A bona fide secured creditor's prior mortgage and security interest could not be displaced by PMLA attachment where the properties were not shown to be proceeds of crime and there was no material that the encumbrance was created to defeat the attachment regime; attachment could operate only beyond the secured creditor's claim. Continuation and confirmation of attachment also could not survive once insolvency proceedings had begun and a moratorium was in force, as the PMLA proceedings were treated as civil in nature and inconsistent with the moratorium's legal effect. The impugned confirmation of provisional attachment was therefore unsustainable, while the banks' prior secured rights were preserved. Case-Laws Money Laundering Tue, 18 Jun 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=382129