Home Case Index All Cases VAT and Sales Tax VAT and Sales Tax + HC VAT and Sales Tax - 2018 (10) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2018 (10) TMI 1884 - HC - VAT and Sales TaxSeeking direction to the SubRegistrar, Dindori (Respondent No.4) to accept the Sale Certificate dated 25.07.2018 executed by the Petitioner in favour of Respondent No.2 as per the Securitisation and Reconstructionof Financial Assets and Enforcement of Securities Interest Act, 2002 (SARFAESI Act) in respect of secured assets - substance of the Petition is that the Respondent No.4 has verbally declined to register the Sale Certificate on the premise that on the record of rights of the aforementioned secured assets, there is an endorsement of attachment to the tune of ₹ 13,63,744/as of 10.11.2015, on account of Sales Tax dues. HELD THAT:- The provisions of Section 26E of the SARFAESI Act have overriding effect. Section 37 of the MVAT Act, is expressly made subject to the provisions of any Central Act which create first charge. The fact that the provisions of Section 26E came into force by Act 44 of 2016 do not detract materially from the overriding effect of the provisions of the said Section, especially, in the facts of the case at hand, as the security interest was created in pursuance of the mortgage registered on 05.03.2010. The question of preferential claim of the Petitioner and Respondent No.3 qua the secured assets can be considered and determined after providing opportunity to the Respondent No.3 to put forth its case - Petitioner shall tender the Sale Certificate, registration of which is sought, before the Respondent No.4 tomorrow - Respondent No.4 shall carry out the necessary process of adjudication and determine the stamp duty to be levied on the said instrument by 01.11.2018. The Registry is directed to list the matter on 02.11.2018.
|