State Act

NBFC Act 2002 & Rules 2004

11. Security in lieu of attachment : Any Financial Establishment or person whose property has been or is proposed to be attached under this Act may, at been or is proposed 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 give security offered and given is, in the opinion of the Designated Court, satisfactory and sufficient, it may cancel the order of attachment or, as the case may be, refrain from passing an order of attachment.