TaxTMI 
TaxTMI 
2014 (11) TMI 623
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....pondent : K.K. Senthil and Ms. P. Malani for the Respondent. ORDER 1. The petitioner in both the writ petitions is the Commissioner of Central Excise, Madurai. The petitioner seeks for issuance of a Writ of Mandamus, to forbear the second respondent from selling the properties owned by both the first respondent company, without following due process of law. 2. The petitioner stated that both th....
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.... respondent company have defaulted in making payment of the debt, along with the interest, to the IDBI, SASF, South Indian Bank Limited, Life Insurance Corporation, etc. and both the first respondent secured interest credit facility by creating a first Pari passu charge on all their movable and immovable properties. On account of the default committed by both the first respondent, the Bank and the....
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....the action taken in pursuance of circular, the proceedings pending before BIFR are automatically abated, as per Section 41 of the SARFAESI Act read with Section 15 of the Sick Industrial Companies (Special Provisions) Act, 1985. 4. It is further submitted that by way of abundant caution, the second respondent has withheld more than 3/4th value of the amount outstanding against financial assistanc....
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....registered in the name of the purchasers on account of the order of injunction granted by this Court. 5. Heard the learned counsels for the parties and perused the materials available on record. 6. It is the settled legal position that dues payable to the Central Excise Department do not have any precedence over the right of a secured creditor. The secured creditor viz., the second respondent he....