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Allahabad Bank Versus Union of India

2017 (8) TMI 487 - GUJARAT HIGH COURT

Tax Recovery proceedings - priority over other dues / secured creditors - attaching a particular immovable property for the pending dues of the Income Tax department - Held that:- The facts are not seriously in dispute. The borrower had created security interest in an immovable property by executing an equitable 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 pic .....

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Advocate For the Petitioner Bhavik R Samani, Advocate for the Respondent ORDER ( Per : Honourable Mr. Justice Akil Kureshi ) 1. Petitioner has challenged an order dated 30.10.2015 passed by the respondent no.3the Tax Recovery Officer, Ahmedabad, attaching a particular immovable property for the pending dues of the Income Tax department. 2. Brief facts are as under. 3. Petitioner is a nationalized bank. One Anmol Baidkumar Agarwal (hereinafter to be referred to as 'the borrower' for short .....

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converted into a limited company in the year 2012. 4. The borrower however, could not repay the principal sum with accumulated interest and by January 2015, owed a sum of ₹ 17,14,14,614/to the bank. The bank therefore issued a notice under section 13(2) of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002, (hereinafter to be referred to as 'the SARFAESI Act' for short) on 08.10.2015 indicating that the bank proposed to take fu .....

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ime, on 30.10.2015, the Tax Recovery Officer issued an order of attachment against the original borrower in purported exercise of powers under section 222 of the Act on the ground that he had failed to pay a sum of ₹ 8,99,69,620/along with interest, for which, a certificate has also been issued by the Tax Recovery Officer. The borrower therefore was prohibited from transferring or charging the said property in any manner. 6. Learned counsel for the petitioner pointed out that the security .....

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