TaxTMI 
TaxTMI 
2018 (12) TMI 1704
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....7 in Index II on the file of the first respondent in response to the order of attachment issued by the Seventh Additional Court, Chennai, in I.A.No.728 of 2017 in O.S.No.270 of 2017, in favour of the fourth respondent and issue a consequential direction to the first respondent to efface/delete the said adverse encumbrance entry and register the sale certificate, dated 20.03.2018 executed by the petitioner bank in favour of the fifth respondent in respect of the subject property upon payment of stamp duty and registration charges within a time period to be fixed by this Court. 2. According to the petitioner, the second respondent and the third respondent availed various credit facilities from the petitioner bank and so far, a total s....
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.... first respondent, he orally refused to register the sale certificate citing impugned adverse encumbrance entry in respect of the subject property. In this regard, the petitioner bank submitted a representation to the first respondent on 23.04.2018, narrating the entire details and requesting him to register the sale certificate. However, the first respondent issued the impugned proceedings refusing to register the sale certificate dated 20.03.2018 on the ground that there were adverse encumbrances/attachments available against the said property. 3. We have heard the submissions of the learned counsel for the parties and perused the materials available on record. 4. Similar issue came up for consideration before this Court in W.P.(MD).N....
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....le of assets over which security interest is created, would have priority over all debts and Government dues including revenues, taxes, cesses and rates due to the Central Government, State Government or Local Authority. This section introduced in the Central Act is with "notwithstanding" 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 (1) in favour of the financial institution, which is a secured creditor having the benefit of the mortgaged property. 6. In so far as question (b) is concerned, the same is stated to relate only to auction sales, which may be carrie....