Elaborate the law and procedure in respect of confiscation and vesting of benami property under the Benami Transactions (Prohibition) Act, 1988.

Confiscation and Vesting of Benami Property under the Benami Transactions (Prohibition) Act, 1988: Section 27(1) of the Act states that where an order is passed in respect of any property under Section 26(3) holding such property to be a benami property, the Adjudicating Authority shall, after giving an opportunity of being heard to the person concerned, make an order confiscating the property. However, where an appeal has been filed against the order of the Adjudicating Authority, the confiscation of property shall be made subject to the order passed by the Appellate Tribunal under Section 46. Further, confiscation of the property shall be made in accordance with such procedure as may be prescribed. Section 27(2) provides that the above shall not apply to a property held or acquired by a person from the benamidar for adequate consideration, prior to the issue of notice under sub-section (1) of Section 24, without his having knowledge of the benami transaction. Section 27(3) states that where an order of confiscation has been made, all the rights and title in such property shall vest absolutely in the Central Government free of all encumbrances and no compensation shall be payable in respect of such confiscation. Section 27(4) states that any right of any third person created in such property with a view to defeat the purposes of this Act shall be null and void. Section 27(5) provides that where no order of confiscation is made upon the proceeding under this Act attaining finality, no claim shall lie against the Government.