https://www.taxtmi.com/caselaws?id=380161 A prior mortgage over third-party guarantors' property is not displaced by a later attachment under Section 281 of the Income-tax Act, 1961. The attachment does not automatically invalidate a transaction merely because it was entered into during pending assessment proceedings, and it cannot defeat the bank's earlier security interest. The restriction under Section 33(2) of the Insolvency and Bankruptcy Code, 2016 also does not extend to property that does not form part of the corporate debtor's estate. On that basis, the refusal to register the sale deeds was held unjustified, and the bank was entitled to proceed with the sale of the guarantors' properties. en-us Mon, 25 Feb 2019 00:00:00 +0530 Tue, 14 May 2019 11:10:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=380161 A prior mortgage over third-party guarantors' property is not displaced by a later attachment under Section 281 of the Income-tax Act, 1961. The attachment does not automatically invalidate a transaction merely because it was entered into during pending assessment proceedings, and it cannot defeat the bank's earlier security interest. The restriction under Section 33(2) of the Insolvency and Bankruptcy Code, 2016 also does not extend to property that does not form part of the corporate debtor's estate. On that basis, the refusal to register the sale deeds was held unjustified, and the bank was entitled to proceed with the sale of the guarantors' properties. Case-Laws Income Tax Mon, 25 Feb 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=380161