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Provisional Asset Attachment Under PMLA Section 5 Expires After 80 Days Without Confirmation; COVID-19 Extensions Inapplicable.

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....Provisional attachment - Expiry of 80 days mandatory period for confirmation of the provisional attachment u/s 5 of PMLA - Applicability of decision of Supreme Court for exclusion of certain period on account of COVID-19 pandemic - By virtue of Section 5(3) of the PMLA, the order of attachment under Section 5(1) ceases to have effect on expiry of the prescribed period. Thus, for such a provision, the order of the Hon’ble Supreme Court passed in SMW (C) No. 3 of 2020 extending the period for filing the pleading will not apply. - HC....

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Provisional Asset Attachment Under PMLA Section 5 Expires After 80 Days Without Confirmation; COVID-19 Extensions Inapplicable.