TMI Blog2018 (1) TMI 1220X X X X Extracts X X X X X X X X Extracts X X X X ..... e notice of demand, dated 15.10.2012. There is a circular issued by Central Board of Excise and Customs (CBEC), bearing No.103/06/2008-ST, dated 01.07.2008, which gives instructions, regarding provisional attachment of property under Section 73 (C) of the Finance Act, 1994, and in paragraph No.2 (ix), it is stated that the personal property of a sole proprietor or partners shall not be attached, and personal property means any movable property or immovable property, which is in personal use of the sole proprietor or partner. Petition allowed - decided in favor of petitioner. - Writ Petition No.12314 of 2014 M.P.No.2 of 2014 - - - Dated:- 10-1-2018 - T. S. Sivagnanam, J. For the Petitioner : Mr. S.Murugappan For the Respo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ty, has sold the same to the petitioner, vide registered Sale Deed, dated 20.07.2012, registered as Document No.4071 of 2012, on the file of the Sub-Registrar Office, Virugambakkam. 4. The question would be, as to whether, such property can be proceeded against by the respondents 1 2. 5. It is seen that, notice of demand to the defaulter/third respondent was issued only on 15.10.2012, from which, it is appears that the property was yet to be attached, and it was stated that steps would be taken to realize the amount by attaching the property. However, much prior to the said date, i.e., 20.07.2012, the property has been sold to the petitioner. Therefore, the respondents 1 and 2 could not be proceeded further, pursuant to the notice ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... y of Debts and Laws and Miscellaneous Provisions (Amendment) Act, 2016, held that there is no doubt that the rights of the a secured creditor to realise secured debts due and payable by sale of assets over which security interest is created, would have priority over all debts and Government dues including Revenues, Taxes, Cesses and rates due to the Central Government, State Government or local authority. The operative portion of the judgment of the Full Bench is as follows: 2.We are of the view that if there was at all any doubt, the same stands resolved by view of the Enforcement of Security Interest and Recovery of Debts Laws and Miscellaneous Provisions (Amendment) Act, 2016, Section 41 of the same seeking to introduce Section 31B ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nswer question (a) in favour of the financial institution, which is a secured creditor having the benefit of the mortgaged property. 6.In so far as question (b) is concerned, the same is stated to relate only to auction sales, which may be carried out in pursuance to the rights exercised by the secured creditor having a mortgage of the property. This aspect is also covered by the introduction of Section 31B, as it includes ''secured debts due and payable to them by sale of assets over which security interest is created''. 7.We, thus, answer the aforesaid reference accordingly. 7. Apart from that, there is a circular issued by Central Board of Excise and Customs (CBEC), bearing No.103/06/2008-ST, dated 0 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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