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2017 (7) TMI 507 - MADRAS HIGH COURT

2017 (7) TMI 507 - MADRAS HIGH COURT - TMI - Attachment of the schedule mentioned property owned by the assessee in default - amendment brought by insertion of section 26E in Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 - Held that: - secured creditor would have priority over all other debts and Government dues, including taxes, cesses etc., due to the State Government, Central Government or Local Authority. Therefore the impugned order of .....

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g for the respondent. 2.The petitioner is an Asset Reconstruction Company and they have challenged an order passed by the first respondent, the Commercial Tax Officer, Alandur Assessment Circle, dated 26.02.2010, attaching the schedule mentioned property owned by the assessee in default namely, the third respondent. The petitioner has come forward with this writ petition contending that the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 has b .....

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tate Government or local authority. 3. Prior to the amendment, as there was a divergent views, the matter was referred to a Full Bench in W.P.No.6267 of 2006 and W.P.No.253 of 2011, to answer the following issues:- ''a) As to whether the Financial Institution, which is a secured creditor, or the department of the government concerned, would have the 'Priority of Charge' over the mortgaged property in question, with regard to the tax and other dues. b) As to the status and the rig .....

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ect of the following issues:- ''a) As to whether the Financial Institution, which is a secured creditor, or the department of the government concerned, would have the 'Priority of Charge' over the mortgaged property in question, with regard to the tax and other dues. b) As to the status and the rights of a third party purchaser of the mortgaged property in question.'' 2.We are of the view that if there was at all any doubt, the same stands resolved by view of the Enforcem .....

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other debts and Government dues including revenues, taxes, cesses and rates due to the Central Government, State Government or local authority. Explanation. - For the purposes of this section, it is hereby clarified that on or after the commencement of the Insolvency and Bankruptcy Code, 2016, in cases where insolvency or bankruptcy proceedings are pending in respect of secured assets of the borrower, priority to secured creditors in payment of debt shall be subject to the provisions of that Cod .....

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