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ARTICLE · 19 DECEMBER 2018

SARFAESI Act & DRB Act Prevail Over PMLA

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Recently the Delhi Appellate Tribunal for Prevention of Money Laundering Act, New Delhi in the case titled Bank of India vs. Deputy Director, ED, Mumbai (FPAPMLA- 2173/MUM/2018), examined the issue pertaining to ...

IndiaFinance and Banking
Vijay K. Singh
Vijay K. Singh
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Recently the Delhi Appellate Tribunal for Prevention of Money Laundering Act, New Delhi in the case titled Bank of India vs. Deputy Director, ED, Mumbai (FPAPMLA- 2173/MUM/2018), examined the issue pertaining to attachment of properties, by the Directorate of Enforcement (ED) under Prevention of Money Laundering Act (PMLA), which were already secured by the Bank under the provisions of Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI Act).. The appeal was filed by the Bank (Financial Creditor) against the Order passed by the Adjudicating Authority under the Prevention of Money Laundering Act, New Delhi, whereby the Adjudicating Authority confirmed the attachment of the property which was already secured by the Bank at the time of availing credit facilities/loan.

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