2018 (3) TMI 1918

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....E HONOURABLE MRS.JUSTICE R.THARANI For the Petitioner : Mr.N.Dilip Kumar For the Respondent : Mr.D.Muruganandam, AGP for RR1&2, Mr.V.Meenakshi Sundaram for R3 ORDER (T.S.SIVAGNANAM, J.) Heard Mr.N.Dilip Kumar, learned counsel for the petitioner bank and Mr.D.Muruganandam, learned Additional Government Pleader appearing for the respondents 1 and 2 and Mr.V.Meenakshi Sundaram, learned....

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.... listed before the Full Bench in pursuance to the reference order in W.P.No.6267 of 2006 and W.P.No.253 of 2011, in respect of the following issues:- ''a) As to whether the Financial Institution, which is a secured creditor, or the department of the government concerned, would have the 'Priority of Charge' over the mortgaged property in question, with regard to the tax and....

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....venues, taxes, cesses and rates due to the Central Government, 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 ....

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....red 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 carried out in pursuance to the rights exercised by the secured creditor having a mortgage of the property. This aspect is also covered by the introduction of Section 31B, as it includes ''secured debts due and payabl....