Security in lieu of attachment

Where the properties of any financial establishment or person has been or is about to be attached under this Act, such establishment or person may, at any time, apply to the Special Court for permission to give security in lieu of such attachment and where the security offered and given is in the opinion of the Special Court, satisfactory and sufficient, it may refrain from passing the order of attachment or cancel the ad-interim order of attachment, as the case may be.