TaxTMI 
TaxTMI 
2024 (5) TMI 1044
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....any writ in the nature of Mandamus and/or Certiorari and/or any appropriate writ, order or direction, to the Respondent No. 1 to 4 to remove its lien/charges, on the said Property recorded with the Respondent No. 4. (b) this Hon'ble Court be pleased to issue writ of Mandamus and/or Certiorari and/or any writ in the nature of Mandamus and/or Certiorari and/or any appropriate writ, order or direction, to the Respondent No. 4 to record/register the Sale Certificate/Sale Deed under the Registration Act, 1908 without marking any encumbrances of the Respondent No. 1 to 3 as and when approached by the Petitioner." 3. Mr. D'souza, the learned counsel appearing on behalf of the Petitioner, submitted that these reliefs are necessitated b....
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.... Of Financial Assets And Enforcement Of Security Interest Act, 2002 ["SARFAESI Act"] [and which was brought into force on 24th January, 2020], the Petitioner-Bank would have priority over the State Tax Authorities, on the secured asset as well as the sale proceeds thereof. Once this is the case, then their claim as noted in the property card of secured asset cannot stand and has to be deleted. 6. The learned AGP appearing on behalf of the State Tax Authorities fairly did not dispute the factual position narrated above. He, however, submitted that an attachment order has been passed in relation to the secured asset on 11th February, 2021. He submitted that in the event this Court holds in favour of the Petitioner, then, any surplus availabl....
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.... prescribed. 9. Section 26-C deals with the effect of registration of transactions with CERSAI. It inter alia stipulates that where security interest or an 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 Chapter IV-A, the claim of such secured creditor or other creditor holding the 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. 10. Section 26-D talks about the right of enforcement of securities and s....
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....sset over all other debts and all revenues, taxes, cesses and other rates payable to the Central Government, State Government or local authority. 13. In the facts of the present case, as narrated above, the Petitioner bank's borrowers had availed of financial assistance. To secure the same, on 15th July, 2015, the borrowers created a mortgage on the secured asset by deposit of title deeds. The intimation of mortgage was also given to the Joint Sub-Registrar, Haveli-22, Pune on the very same date. Thereafter, on 25th July 2015, the Petitioner bank duly registered its charge on the secured asset with CERSAI. In contrast, the State Tax Authorities have issued an attachment order only on 11th February, 2021 and have not even registered the sam....
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....om the sale of the secured asset, the MVAT Authorities can once again chase the very same asset in the hands of the purchaser and put it up for sale towards recovery of their dues. 36. Such a proposition has only to be stated to be rejected. The creation of the mortgage over the asset would mean that the charge is over the asset. Once the security interest is enforced, the asset would no longer be available for further enforcement. The proposition canvassed by Mrs. Vyas would render Section 26-E meaningless, because if that were the legal position, the creation of priority in favour of the secured creditor would have no meaning. Put differently, according to the proposition suggested, the secured creditor would first enforce its charge a....