Where mortgaged properties provisionally attached under PMLA were also secured to appellant under SARFAESI, and interim protection was necessary to preserve value, Court directed sale of such properties under SARFAESI and deposit of proceeds with Registrar, subject to final orders. Held that pending decision on validity of provisional attachment, interim arrangement was necessary to avoid wastage or encroachment. Sale proceeds were safeguarded with Court. No finding was given on priority rights of secured creditor vis-à-vis ED; issue kept open.
Aditya Birla Finance Ltd. v. Directorate of Enforcement, Govt. of India [2023] 148 taxmann.com 399 (Bom)(HC)
Prevention of Money Laundering Act, 2002.
S. 5 : Prevention of Money Laundering Act, 2002-Attachment of property-Rights of secured creditor-Pending decision on validity of provisional attachment, interim arrangement was necessary to avoid wastage or encroachment. Sale proceeds were safeguarded with Court. [S.8]
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