2018 (10) TMI 101

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....s.1 to 4/State. Heard. O R D E R Per Vivek Rusia, J : THE petitioner has filed the present petition being aggrieved by the order dated 19.01.2018 by which the Respondent No.4 issued a notice under Section 147 (C) of the Madhya Pradesh Land Revenue Code, 1959 [in brief "the Code of 1959"] for auctioning the immovable secured assets [Equitable Mortgage Property] of the Respondent No.6 situa....

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....rtment, Division Ujjain issued a notice dated 19.01.2018 under Section 147 (C) of the Code of 1959 for auctioning the immovable secured assets i.e. House No.28/18, Ved Nagar, Nanakheda, Ujjain in order to recover the tax dues of Rs. 838.78 lacs of M/s Shubham Trading Company. According to the petitioner Mr. Rajesh Prajapati is a Proprietor of M/s Shubham Trading Company acted as a guarantor in the....

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....e date of auction the answering Respondents could not auction the property as non of the bidder expressed his interest in the subject property. However, the answering Respondents still have charge over the said property and have priority over the claim of petitioner as Section 26-E of the SARFAESI Act, 2002 has not yet been notified by the Government of India. The Respondent Nos.1 to 4 have placed....

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....ed on 16th August, 2016. For ready reference Section 26-E of the SARFAESI Act, 2002 is reproduced below :- "26-E. Priority to secured creditors.-- Notwithstanding anything contained in any other law for the time being in force, after the registration of security interest, the debts due to any secured creditor shall be paid in priority over all other debts and all revenues, taxes, cesses and ....