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2010 (8) TMI 823 - HC - VAT and Sales TaxAuction notice challenged on the ground that the Central Bank of India, Karaikudi Branch, the petitioner herein has sanctioned loan to the second respondent to construct a factory and purchase of new and second hand machineries besides meeting out their working capital requirements Held that:- The bank is a "secured creditor" within the meaning under section 2(d) of the SARFAESI Act, 2002. The assets are secured assets with the bank and that the bank being a secured creditor, has the first charge/priority over the property. In such circumstances, the auction notice is liable to be set aside. Accordingly it is set aside. The writ petition is allowed.
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