Property Attachment Appeal Grounds

Summary

In cases where the Enforcement Directorate (ED) attaches property under the Prevention of Money Laundering Act (PMLA) that is already mortgaged to a bank, the bank can appeal based on several grounds. The bank is a secured creditor under the SARFAESI Act, and the property was mortgaged before the EDs attachment order. Actions initiated under the SARFAESI Act generally take precedence over PMLA attachments. Understanding these legal frameworks can help the bank in its appeal process.

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Here are the key points for the bank to appeal in its favor:
- The bank is a secured creditor under the SARFAESI Act.
- The property was mortgaged to the bank before the attachment order by the Enforcement Directorate (ED) under the PMLA.
- Actions initiated under the SARFAESI Act take precedence over the attachment under PMLA.
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