Secured Asset Attached Because PMLA Overrides SARFAESI Protections

Punjab National Bank Vs Deputy Director (Appellate Tribunal Under SAFEMA Delhi) PMLA Attachment Upheld on Hypothecated Car; Bank’s Charge Protected Only to Loan Extent, Remedy Lies u/s 8(8)  The Appellate Tribunal under SAFEMA at New Delhi disposed of the appeal filed by Punjab National Bank against confirmation of provisional attachment of a Maruti Brezza car under PMLA, holding that mere existence of hypothecation in favour of a secured creditor does not invalidate attachment where the asset is partly tainted. The Tribunal noted that the vehicle, valued at ₹10.69 lakh, was funded partly...