TaxTMI 
TaxTMI 
2026 (10) TMI 467
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....spondent No. 2 i.e. the society in which the subject flats (secured assets) are located. As per the said letter, the society has been directed not to issue No Objection Certificate (NOC) in respect of the subject flats until further instructions by the respondent No. 1. 3. Mr. D'souza, learned counsel for the petitioner relies upon the law laid down by this Court in the Full Bench judgement in the case of Jalgaon Janta Sahakari Bank Limited Vs. Joint Commissioner of Sales Tax, 2022 SCC OnLine Bom 1767, to contend that the dues of the petitioner bank as the secured creditor have priority over any charge or statutory dues that may be claimed by respondent No. 1. The learned counsel for the petitioner bank specifically relies on registratio....
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....r the reason that in terms of the amendment of the Securitisation Act, with effect from 24.01.2020 and introduction of Section 26E therein, upon the security interest of the petitioner bank being registered with CERSAI, the dues of the petitioner bank have first priority. 7. The Full Bench judgement of this Court in the case of Jalgaon Janta Sahakari Bank Limited Vs. Joint Commissioner of Sales Tax (supra) considered the effect of the said statutory amendment and held in paragraph 85 as follows:- "85. Priority means precedence or going before (Black's Law Dictionary). In the present context, it would mean the right to enforce a claim in preference to others. In view of the splurge of 'first charge' used in multiple legislation, ....
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....ules, 2020 were duly notified whereby amendments were incorporated in the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest (Central Registry) Rules, 2011 (hereafter '2011 Rules', for short). In view of the amendments that have now been incorporated in the 2011 Rules with effect from the date Chapter IV-A of the SARFAESI Act was made effective and enforceable, the relevant department of the State Government despite attachment orders being issued by the competent authority can only avoid compliance of sub-section (4) of section 26B at its own peril. We hold that attachment orders issued post 24th January 2020, if not filed with the Central Registry, any department of the Government to whom a person ow....