2017 (7) TMI 507

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....n Company and they have challenged an order passed by the first respondent, the Commercial Tax Officer, Alandur Assessment Circle, dated 26.02.2010, attaching the schedule mentioned property owned by the assessee in default namely, the third respondent. The petitioner has come forward with this writ petition contending that the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 has been amended by the Enforcement of Security Interest and Recovery of Debts Laws and Miscellaneous Provisions (Amendment) Act, 2016, by insertion of section 26E and by virtue of such amendment, the rights of secured creditors to realise secured debts due and payable to them by sale of assets over the security inter....

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....d the rights of a third party purchaser of the mortgaged property in question.'' 2.We are of the view that if there was at all any doubt, the same stands resolved by view of the Enforcement of Security Interest and Recovery of Debts Laws and Miscellaneous Provisions (Amendment) Act, 2016, Section 41 of the same seeking to introduce Section 31B in the Principal Act, which reads as under:- ''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, ....