TaxTMI 
TaxTMI 
2009 (6) TMI 952
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.... No. 103 on the Western Row of New Aavadi Road, Kilpauk, Chennai600 010 bearing Plot No. A-45, Kilpauk Garden Road and comprised in R.S. No. 77/5. According to the petitioner-bank, it sanctioned over draft facility of Rs. 40 lakhs each to respondents Nos. 4 and 5 in their individual names on August 14, 1990. As security to the due repayment of loan, respondents Nos. 4 and 5 created equitable mortgage over their one half undivided share each on the land measuring about one ground and 2105 sq.ft., together with building thereon situate on the Western Row of New Aavadi Road by depositing the title deeds on January 30, 1991. While so, the second respondent has issued a B-6 notice dated December 6, 2001 to the petitioner on account of responden....
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....ferred by the petitioner against such notice, which are still pending. The further case of the bank is that the bank has already initiated proceeding under section 13 of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002. Notice under section 13(2) was issued on the respondents on August 30, 2002 and having not received proper reply, the bank had taken steps under section 13(4) by taking possession of the assets on September 12, 2006. Subsequently, the bank has brought the secured property for public sale and the same was sold on March 25, 2008 to the petitioner-bank and the sale was confirmed. Thereafter, a sale certificate has been issued in respect of the secured asset in favour of t....
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....Financial Assets and Enforcement of Security Interest Act. In the present case, as we find that the matter is still pending before the first respondent for registration of the sale deed in question, and in the absence of any affidavit, we are not inclined to give any specific finding or direction with regard to the registration of the same, but we may observe that with regard to the issues relating to priority of debts of State over the secured assets, this court, vide its (unreported) judgment(1) in W.P. No. 10246 of 2007 (M. Nagarajan v. Deputy Commercial Tax Officer) dated June 12, 2009, has observed and held as follows (page 184): "21. Having regard to the judicial pronouncements rendered by courts and noticed above, we may sum up the....
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....rty of the said dealer or person and the (1)Since reported in [2009] 25 VST 175 (Mad.) same may, without prejudice to any other mode of collection, be recovered- (a) as land revenue; or (b) on application to any Magistrate, by such Magistrate as if it were a fine imposed by him: Provided that no proceedings for such recovery shall be taken or continued as long as he has, in regard to the payment of such tax, other amount or fee, as the case may be, complied with an order by any of the authorities to whom the dealer or person has appealed or applied for revision, under sections 31, 31A, 33, 35, 36, 37 or 38.' 23.. The aforesaid provision fell for consideration before this court in the case of Tamil Nadu Mercantile Bank Ltd. v. Commer....