Any Financial Establishment or person, whose property has been or is about to be attached under this Act may, at any time, apply to the Designated Court for permission to give security in lieu of such attachment and where the security offered and given is, in the opinion of the Designated Court, satisfactory and sufficient, it may cancel the ad-interim order of attachment or, as the case may be, refrain from passing the order under sub-section (6) of section 9.
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More sections of this act
Section 1 · Short title and commencement.Section 2 · Definitions.Section 3 · Attachment of properties on default of return of deposit.Section 4 · Competent AuthoritySection 5 · Report and return by Financial Establishment.Section 6 · Default in Repayment of deposits and interests honoring the commitment.Section 7 · Compounding of offence.Section 8 · Designated Court.India Code, Government of India. Text fetched 14 Oct 2026. Check the linked official text and subsequent notifications when applying a provision.