TMI Blog2020 (2) TMI 1663X X X X Extracts X X X X X X X X Extracts X X X X ..... ent or local authority. The sale of the properties in question shall be registered, if the documents are otherwise in order. The petitioner bank is directed to keep the sale considerations apart in a separate interest bearing, marked account, till, and subject to disposal of this writ petition. Since the main issue is stated to be pending before the Supreme Court, list this matter on 16.03.2020. - W.P. No. 26437 of 2019 And WMP. No. 25798 of 2019 - - - Dated:- 3-2-2020 - Honourable Dr. Justice Anita Sumanth For the Petitioner : M.L. Ganesh, S. Arunkumar, S. Arunkumar, Advocate. Mr. C. Harsha Raj Addl. Govt. Pleader For R1, Govt. Advocate For R3, M/s. S. Gopalakrishnan for R2 Dt 20/11/2019, M/s. R. Asokan, R. Ashraf Khan ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... SARFAESI Act) inserting Chapter IVA dealing with 'Registration by Secured Creditors and Other Creditors', effect from 24.01.2020 and reading as follows: CHAPTER IVA REGISTRATION BY SECURED CREDITORS AND OTHER CREDITORS 26B. (1) The Central Government may by notification, extend the provisions of Chapter IV relating to Central Registry to all creditors other than secured creditors as defined in clause (zd) of sub-section (1) of section 2, for creation, modification or satisfaction of any security interest over any property of the borrower for the purpose of securing due repayment of any financial assistance granted by such creditor to the borrower. (2) From the date of notification under sub-section (1), ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ctions of creation, modification or satisfaction of security interest by a secured creditor or other creditor or filing of attachment orders under this Chapter shall be deemed to constitute a public notice from the date and time of filing of particulars of such transaction with the Central Registry for creation, modification or satisfaction of such security interest or attachment order, as the case may be. (2) Where security interest or attachment order upon any property in favour of the secured creditor or any other creditor are filed for the purpose of registration under the provisions of Chapter IV and this Chapter, the claim of such secured creditor or other creditor holding attachment order shall have priority over any subsequent ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n is that debts due to any secured creditor shall be paid in priority over all other other debts and revenues, taxes, cesses and rates payable to the Central or State Government or local authority. 5. In the light of the aforesaid, the sale of the properties in question shall be registered, if the documents are otherwise in order. The petitioner bank is directed to keep the sale considerations apart in a separate interest bearing, marked account, till, and subject to disposal of this writ petition. 6. The Sub-Registrar/R3 is directed to do the needful in this regard. 7. Pleadings are complete in the matter. Since the main issue is stated to be pending before the Supreme Court, list this matter on 16.03.2020. - - TaxTMI - TMITax ..... X X X X Extracts X X X X X X X X Extracts X X X X
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