SARFAESI auction of attached mortgaged property allowed; bank dues prioritized, surplus sale proceeds secured for Enforcement Directorate

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....AT held that in the absence of identifiable direct proceeds of crime, mortgaged properties of accused, relatives, associates or employees may be attached as equivalent value for their role in layering or siphoning illicit funds. However, for mortgaged assets, compelling the secured creditor bank to await trial conclusion serves no useful purpose. AT ruled it is empowered to permit auction of the attached mortgaged property prior to trial conclusion to avoid financial prejudice to the bank. The appeal was allowed regarding property at serial no. 1, permitting auction under SARFAESI, directing that surplus sale proceeds, after satisfaction of the bank's dues, be deposited with the Enforcement Directorate in FDR form.....