Security in lieu of attachment

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, applied 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 order of attachment or, as the case may be refrain from passing the order of attachment.