2016 (12) TMI 373

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....21496 of 2008, 21358 of 2009 W. P. No. 2675 of 2011 - -<br>CST, VAT & Sales Tax<br>Sanjay Kishan Kaul, CJ, T. S. Sivagnanam And R. Mahadevan, J. For the Petitioner : Mr. S. Kanmani Annamalai For the Respondents : Mr. F. B. Benjamin George ORDER ( Order of the Court was made by The Hon&#39;ble Chief Justice ) The writ petitions have been listed before the Full Bench in pursuance to t....

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.... &#39;&#39;31B. Notwithstanding anything contained in any other law for the time being in force, the rights of secured creditors to realise secured debts due and payable to them by sale of assets over which security interest is created, shall have priority and shall be paid in priority over all other debts and Government dues including revenues, taxes, cesses and rates due to the Central G....

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.... Act is with &#39;&#39;notwithstanding&#39;&#39; clause and has come into force from 01.09.2016. 4. The law having now come into force, naturally it would govern the rights of the parties in respect of even a lis pending. 5. The aforesaid would, thus, answer question (a) in favour of the financial institution, which is a secured creditor having the benefit of the mortgaged property. 6. In....