https://www.taxtmi.com/caselaws?id=382420 A bona fide secured creditor whose mortgage and enforcement rights arose before the commission of the scheduled offence retains priority over provisional attachment under the Prevention of Money Laundering Act, 2002. The relevant cut-off is the date of the offence generating the alleged proceeds of crime, so a prior lawful interest cannot be treated as tainted property or overridden by attachment. Attachment may continue only to the extent of any surplus value remaining after satisfaction of the secured creditor's claim. The prior mortgagee's interest is therefore protected against attachment to that extent, while any balance beyond the secured debt may remain attachable. en-us Thu, 27 Jun 2019 00:00:00 +0530 Mon, 11 Nov 2024 17:19:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=382420 A bona fide secured creditor whose mortgage and enforcement rights arose before the commission of the scheduled offence retains priority over provisional attachment under the Prevention of Money Laundering Act, 2002. The relevant cut-off is the date of the offence generating the alleged proceeds of crime, so a prior lawful interest cannot be treated as tainted property or overridden by attachment. Attachment may continue only to the extent of any surplus value remaining after satisfaction of the secured creditor's claim. The prior mortgagee's interest is therefore protected against attachment to that extent, while any balance beyond the secured debt may remain attachable. Case-Laws Money Laundering Thu, 27 Jun 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=382420