TMI Blog2024 (3) TMI 1307X X X X Extracts X X X X X X X X Extracts X X X X ..... ity Interest Act, 2002 was issued HELD THAT:- It is not a matter of debate that the petitioner being a secured creditor and the security being registered with CERSAI would have a priority charge u/s 26E of the Act of 2002. A Full Bench of this court in the case of Assistant Commissioner (CT) Anna Salai-III Assessment Circle vs Indian Overseas Bank and Another 2016 (12) TMI 373 - MADRAS HIGH COURT] answered the reference and held that the rights of the secured creditors to realise secured debts due and payable to them by sale of assets over which security interest is created, shall have priority and shall be paid in priority over all other debts and Government dues including revenues, taxes, cesses and rates due to the Central Government, St ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 9;ble Mr.Justice D.Bharatha Chakravarthy For the Petitioner : Mr.K.Balamurali for Mr.V.Suresh For the Respondent No.1 : Dr.B.Ramasamy For the Respondent No.4 : Mr.K.Karthik Jegannath Government Advocate For the Respondents 2 and 3 : Not ready in notice ORDER HON'BLE CHIEF JUSTICE We have heard Mr.K.Balamurali, learned counsel for the petitioner; Dr.B.Ramasamy, learned counsel for the first respondent; and Mr.K.Karthik Jegannath, learned Government Advocate for the fourth respondent. 2. The petitioner seeks directions to remove the order of attachment dated 21.04.2021 over the property of the borrower, which according to the petitioner, is mortgaged and is a secured asset. He further seeks directions against the fourth respondent to regi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... y in question. 7. The Full Bench of this Court answered the reference and held that the rights of the secured creditors to realise secured debts due and payable to them by sale of assets over which security interest is created, shall have priority and shall be paid in priority over all other debts and Government dues including revenues, taxes, cesses and rates due to the Central Government, State Government or Local Authority. 8. The Full Bench of the Bombay High Court in the case of Jalgaon Janta Sahakari Bank Ltd. and another vs Joint Commissioner of Sales Tax and another (2022 Online SCC Bom 1767) held that the secured creditor would have the priority charge, as contemplated under Section 26E of the SARFAESI Act, 2002, in case the same i ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
