TaxTMI 
TaxTMI 
TaxTMI 
2018 (12) TMI 1703
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....ub Registrar No.1, Dindigul, registered as Doc.No.16/2014 in Vol.No./P.No.2183/149, dated 01.09.2014; Doc.No.23/2014 in Vol.No./P.No.2183/166, dated 19.12.2014; Doc.No.1/2015 in Vol.No./P.No.2183/172, dated 10.03.2015; Doc.No.10/2015 in Vol.No./P.No.1283/200, dated 17.06.2015; Doc.No.5/2016 in Vol.No./P.No.2247/51, dated 02.02.2016 and the consequential order of the first respondent, dated 25.04.2018 refusing registration of the sale certificate and quash the same and issue a consequential direction to the first respondent to efface/delete the said adverse encumbrance entries and register the sale certificate, dated 14.03.2018 executed by the petitioner bank in favour of the 10th respondent in respect of the subject property upon paym....
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.... bank filed an application under Section 14 of the SARFAESI Act before the District Collector-cum-District Magistrate requesting assistance for taking physical possession of the property and the same was ordered on 28.11.2017 and accordingly, on 13.02.2018 the physical possession of the property was taken over by the petitioner bank. Thereafter, a final sale notice was issued on 31.01.2018 with a proposal to conduct the sale of the property by way of e-auction on 21.02.2018 and the total outstanding amount due and payable by the respondents 2 to 4 as on the date of publication of the final sale notice was Rs. 93,66,812/- (Rupees Ninety Three Lakhs Sixty Six Thousand Eight Hundred and Twelve only) with further interest and other charges. The....
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....achment before judgment in I.A.No.176 of 2014 and the same was registered as Doc.No.16/2014, dated 01.09.2014. Similarly, the sixth respondent having filed O.S.No.67 of 2014, obtained an order of attachment before judgment in I.A.No.171 of 2014 and registered as Doc.No.23/2014, dated 19.12.2014. The seventh respondent having filed O.S.No.15 of 2015, obtained an order of attachment before judgment in I.A.No.18 of 2015 and registered as Doc.No.1/2015, dated 10.03.2015. The eighth respondent having filed O.S.No.42 of 2015, obtained an order of attachment before judgment in I.A.No.95 of 2015 and registered as Doc.No.10/2015, dated 17.06.2015. The ninth respondent having filed O.S.No.105 of 2015, obtained an order of attachment before judgment i....
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.... 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 Government, State Government or local authority. Explanation - For the purpose of this section, it is hereby clarified that on or after the commencement of the Insolvency and Bankruptcy Code, 2016, in cases where insolvency or bankruptcy proceedings are pending in respect of secured assets of the borrower, priority to secured creditors in payment of debt shall be subject to the provisions of that Code." 3. There is, thus, no doubt that the rights of a secured creditor to re....
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....entral Government or State Government or local authority. Explanation.- For the purposes of this section, it is hereby clarified that on or after the commencement of the Insolvency and Bankruptcy Code, 2016, in cases where insolvency or bankruptcy proceedings are pending in respect of secured assets of the borrower, priority to secured creditors in payment of debt shall be subject to the provisions of that Code." 9. In the light of the judgment of the Full Bench of this Court reported in 2016 (6) CTC 769 (cited supra) and on a conjoint reading of Section 26-E of the SARFAESI Act and Section 31-B of the Recovery of Debts Due to Banks and Financial Institutions Act, 1993, there cannot be any doubt that the rights of a secured creditor to....