Home Case Index All Cases Central Excise Central Excise + HC Central Excise - 2011 (12) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2011 (12) TMI 203 - HC - Central ExcisePetition for setting aside the mutation entry recording charge of the Central Excise Department in the revenue records - petitioner purchased through public auction held by Dena Bank seeking to recover its due through the provisions of the SARFAESI Act 2005 – Held that:- The issue is no longer debatable. In the case of UOI vs Sicom Limited (2008 - TMI - 32301 - Supreme Court) it is held that the debt which is secured or which by reason of the provisions of a statute becomes the first charge over the property must be held to prevail over the Crown debt which is an unsecured one. It is not a case of transfer of business or trade, but transfer of property under compulsory sale of the property through auction by the financial institution in exercise of powers under the SARFAESI Act therefore, Proviso to section 11 would not attract. Hence, charge of the Central Excise Department cannot survive and must be ordered to be deleted.
|