High Court of Karnataka Allows Canara Bank's Petition to Quash Provisional Attachment Order Under PMLA — Priority of Secured Creditor Over Enforcement Directorate Upheld. The court held that under Section 26E of SARFAESI Act, 2002, a secured creditor has priority over the Enforcement Directorate in respect of mortgaged property, and the provisional attachment under PMLA cannot defeat the rights of the secured creditor.
10 Jun 2024The petitioner, Canara Bank, a secured creditor, had advanced loans to the third respondent, Iqbal Ahmed, who mortgaged his property in favour of the ...
