TMI Blog2023 (7) TMI 1309X X X X Extracts X X X X X X X X Extracts X X X X ..... t, as even after insertion of Section 11E in the Central Excise Act, 1944 w.e.f. 08.04.2011, and the provisions contained in the SARFAESI Act, 2002 will have an overriding effect on the provisions of the Central Excise Act of 1944. This Court is left with no other option, but to allow this petition by directing respondents No. 4 and 5 to attest mutation of sale deed dated 18.9.2021 (Annexure P-5) issued by the Indian Bank, in favour of the petitioners and further respondents No. 4 and 5 are directed to enter the names of the petitioners as owner of the property in question in the revenue records having been purchased by them in an auction conducted by the Indian Bank under the provisions of SARFAESI Act and respondents No. 2 to 5 are fu ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the properties, would not arise. Xxxxxx 38-42. ..................... 43. In view of the above, we are of the firm opinion that the arguments of the learned counsel for the Appellant, on the second issue, hold merit. Evidently, prior to insertion of Section 11E in the Central Excise Act, 1944, w.e.f. 08.04.2011, there was no provision in the Act of 1944 inter alia, providing for First Charge on the property of the Assessee or any person under the Act of 1944. Therefore, in the event like in the present case, where the land building, plant machinery, etc. have been mortgaged/hypothecated to a secured creditor, having regard to the provision contained in Section 2(zc) to (zf) of SARFAESI Act, 2002, read with provisions contained in Secti ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ndents No. 4 and 5 are directed to enter the names of the petitioners as owner of the property in question in the revenue records having been purchased by them in an auction conducted by the Indian Bank under the provisions of SARFAESI Act and respondents No. 2 to 5 are further directed to remove the red entries made in the revenue record/jamabandi of the property in question. Ordered accordingly. 4. It is made clear that red entries as appearing in the revenue records shall not affect the legal right of the petitioners in case they are entitled to grant of loans, NOC etc. 5. With the above directions/observations the present petition is disposed of. Pending application(s), if any, also stand disposed of accordingly. Parties are le ..... X X X X Extracts X X X X X X X X Extracts X X X X
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