Amendment status not verified — confirm the current text below against the official source.
(1) Any financial establishment or person or transferee referred to in section 16 whose property— (a) is about to be attached; or (b) has been attached, under this Act may, at any time, apply to the Competent Authority or the Designated Court, as the case may be, for permission to give security in lieu of proposed attachment. (2) Where the security offered is in the opinion of the Designated Court, sufficient and satisfactory, it may allow to furnish the security in such manner and within such time as may be prescribed. (3) Where the security as referred to in sub-section (2) is furnished, the Competent Authority shall refrain itself from passing the ad interim order of attachment or the Designated Court shall not pass the order of attachment absolutely or, as the case may be, shall cancel the order of attachment.