Under Section 19(4A), after service of summons, the

Solution

Section 19(4A), inserted by the 2016 Amendment, provides that notwithstanding Section 65A of the Transfer of Property Act, 1882, the defendant on service of summons shall not transfer by way of sale, lease, or otherwise (except in the ordinary course of business) any assets over which security interest is created or other assets disclosed under Section 19(3A), without the prior approval of the Tribunal. The proviso mandates that the Tribunal shall not grant such approval without giving notice to the applicant bank to show cause. The defendant must also account for sale proceeds of secured assets sold in the ordinary course of business and deposit them in the account with the bank holding security interest.