Security in lieu of attachment

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 District and Sessions Judge of Competent jurisdiction or the Special Court constituted under this Act for permission to give security in lieu of such attachment and where the security offered and given is in the opinion of the Court, of District and Sessions Judge of Competent jurisdiction or the Special Court constituted under this Act satisfactory and sufficient, it may cancel the ad-interim order of attachment or as the case may be, refrain from passing the order of attachment.