https://www.taxtmi.com/caselaws?id=456512 The Bombay HC ruled in favor of SBICAP, holding that a provisional attachment order under PMLA cannot override the first charge of secured creditors over mortgaged assets. The court found that SBICAP's security interest in unsold units was validly created and that the attachment order undermined the SWAMIH fund's purpose of assisting homebuyers by preventing banks from lending to flat purchasers. The court emphasized that PMLA provisions do not contain overriding charges that defeat secured creditor rights, and that the entity subject to PMLA proceedings lacked transferable interest in the attached units. en-us Mon, 20 Mar 2023 00:00:00 +0530 Tue, 30 Jul 2024 20:10:26 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=456512 The Bombay HC ruled in favor of SBICAP, holding that a provisional attachment order under PMLA cannot override the first charge of secured creditors over mortgaged assets. The court found that SBICAP's security interest in unsold units was validly created and that the attachment order undermined the SWAMIH fund's purpose of assisting homebuyers by preventing banks from lending to flat purchasers. The court emphasized that PMLA provisions do not contain overriding charges that defeat secured creditor rights, and that the entity subject to PMLA proceedings lacked transferable interest in the attached units. Case-Laws Money Laundering Mon, 20 Mar 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=456512