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

Please become a Premium member. If you are already a Premium member, login here to access the full content.