https://www.taxtmi.com/caselaws?id=386165 A bona fide secured creditor with a prior mortgage and SARFAESI enforcement steps was held entitled to precedence over a later PMLA attachment. The Tribunal found that the bank had created and enforced its security interest before the provisional attachment, and that a lawful third-party charge is not displaced unless shown to have been created to defeat money-laundering proceedings. Because the Adjudicating Authority had not properly applied its mind to the bank's reply and the factual matrix, confirmation of the provisional attachment could not stand. The attachment was therefore quashed to the extent it could affect the bank's prior secured interest, leaving the bank free to proceed in accordance with law. en-us Tue, 06 Aug 2019 00:00:00 +0530 Mon, 23 Sep 2019 19:59:03 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=386165 A bona fide secured creditor with a prior mortgage and SARFAESI enforcement steps was held entitled to precedence over a later PMLA attachment. The Tribunal found that the bank had created and enforced its security interest before the provisional attachment, and that a lawful third-party charge is not displaced unless shown to have been created to defeat money-laundering proceedings. Because the Adjudicating Authority had not properly applied its mind to the bank's reply and the factual matrix, confirmation of the provisional attachment could not stand. The attachment was therefore quashed to the extent it could affect the bank's prior secured interest, leaving the bank free to proceed in accordance with law. Case-Laws Money Laundering Tue, 06 Aug 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=386165