TMI Blog2017 (8) TMI 487X X X X Extracts X X X X X X X X Extracts X X X X ..... mortgage for availing cash credit facility from the petitioner bank. This was done on 24.11.2010. At that time, neither the assessment nor the income tax dues of the borrower were in picture. The dues which the Revenue now seeks to recover through the property in question, we are informed, pertain to assessment year 2012-13. In that view of the matter and in view of section 31B of the Recovery of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... orrower' for short) obtained credit facility in his favour through his firm M/s. A A Brothers, a proprietary concern in the year 2010 with a cash credit limit of ₹ 5 crores from the petitioner bank. For such purpose, the borrower had created security interest in an immovable property viz. Flat No.B113, Orchid Green, near Girdharnagar, Shahibaug, Ahmedabad, by executing an equitable mort ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... if the dues remained unpaid. Subsequently, the bank also proceeded against the said property and took possession thereof under section 13(4) of the SARFAESI Act on 17.04.2015. After public auction, the property was sold for a sum of ₹ 99 lakhs, for which, sale certificate was issued on 27.03.2017. 5. In the meantime, on 30.10.2015, the Tax Recovery Officer issued an order of attachment a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... and auction sale, the department raised any objection. The order of attachment was passed against the borrower and served only to him. Our attention was drawn to section 31B of the Recovery of Debts and Bankruptcy Act 1993, according to which, the right of the secured creditor to realize secured debts by sale of the assets over which security interest is created is given priority over all dues in ..... X X X X Extracts X X X X X X X X Extracts X X X X
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