TaxTMI 
TaxTMI 
2022 (9) TMI 732
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.... represented by the Punjab National Bank challenging an order of the first respondent i.e. Commercial Taxes Officer, Satyamangalam Commercial Tax Office/R1 (hereinafter refer to as R1) to remove the attachment in the records of the Sub- Registrar in respect of the properties at (a) Mill land and building at S.F.No.327/3 & 327/7 Nallur village of an extent of 10.47 acres in the name of M/s.V.R.Textiles. (b) Factory land situated at S.F.No.6/3 & 5,6,7,326/1,4,328/3, 328/6, Nallur village measuring an extent of 12.67 acres in the name of M/s.V.R.Textiles (hereinafter refer to as 'properties in question'). 2.The assets belongs to one V.R.Textiles Private Limited, which is presently in liquidation (hereinafter refer to as R2). R2 had ....
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....he transaction of transfer is not a tainted one. The revenue does not take recourse to the provisions of Section 43 which deals with transfers to defraud the interest of revenue and declare them void. In such a case, seeing as the charge of the Commercial Taxes Department has been created only on 2015, the fixation of priority in this case would be in favour of the petitioner bank firstly and only thereafter and in queue, would the Commercial Taxes Department stand. 6.Pending writ petition, an order had been passed by this Court on 03.02.2020 reading as follows: 'Learned counsel appearing for the Bank states that the properties measuring 12.6725 acres at SF No.326/2, 3, 4, 5, 6 and 7, 328/1, 2, 3, 4, 6 Nallur Village, Punjai....
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.... CREDITORS 26B. (1) The Central Government may by notification, extend the provisions of Chapter IV relating to Central Registry to all creditors other than secured creditors as defined in clause (zd) of sub-section (1) of section 2, for creation, modification or satisfaction of any security interest over any property of the borrower for the purpose of securing due repayment of any financial assistance granted by such creditor to the borrower. (2) From the date of notification under sub-section (1), any creditor including the secured creditor may file particulars of transactions of creation, modification or satisfaction of any security interest with the Central Registry in such form and manner as may be prescribed. ....
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.... and time of filing of particulars of such transaction with the Central Registry for creation, modification or satisfaction of such security interest or attachment order, as the case may be. (2) Where security interest or attachment order upon any property in favour of the secured creditor or any other creditor are filed for the purpose of registration under the provisions of Chapter IV and this Chapter, the claim of such secured creditor or other creditor holding attachment order shall have priority over any subsequent security interest created upon such property and any transfer by way of sale, lease or assignment or licence of such property or attachment order subsequent to such registration, shall be subject to such claim: ....
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.... light of the aforesaid, the sale of the properties in question shall be registered, if the documents are otherwise in order. The petitioner bank is directed to keep the sale considerations apart in a separate interest bearing, marked account, till, and subject to disposal of this writ petition. 6. The Sub-Registrar/R3 is directed to do the needful in this regard. 7. Pleadings are complete in the matter. Since the main issue is stated to be pending before the Supreme Court, list this matter on 16.03.2020.' 7.The sale certificate in favour of R4 has been kept apart in a separate interest bearing marked account. Let this position continue for the present since the report filed by the Official Liquidator brings to noti....