In absence of order by Adjudicating Authority within 180 days, Provisional Attachment Order under PMLA ceases to have effect

Vikas WSP Ltd. & Ors. Vs Directorate Enforcement & Anr. (Delhi High Court) Sub-section (1) of Section 5 of the Prevention of Money Laundering Act, 2002 (ACT) empowers the Director or any other officer not below the rank of the Deputy Director authorized by the Director of Enforcement in this regard, to pass an order provisionally attaching property of a person „for a period not exceeding 180 days from the date of the order‟. In terms of the third proviso to sub-section (1) of Section 5, this period is extended by 30 days from the date of the order vacating any stay order granted by...