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TMI Blog2023 (2) TMI 1291X X X X Extracts X X X X X X X X Extracts X X X X ..... : Heard learned counsel for the parties. 2. The Petitioner is a secured creditor in respect of the property in question and has initiated the proceedings under section 13 of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 [for short "the SARFAESI Act"]. The Respondent-Custom Authorities have also initiated the action against the owners o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Union of India & Ors [(2022) 7 SCC 260]. 2] Jalgaon Janta Sahakar Bank vs. Jt. Commissioner of Sales Tax [(2022) 5 BCR 409]. 3] UTI Bank Ltd vs. Dy. Commissioner of Central Excise Chennai [AIR-2007 Mad 118]. 4] Tahsildar (RR) Taluk Office, Kollam & Ors. vs. Nizamudeen S. & Ors. [SCC Online 2023 KER 150]. 5] Krishna Lifestyle Technologies Ltd vs. Union of India [2009 (Supp.) BCR 203]. 6] ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Security Interest Act, 2002 and the Insolvency and Bankruptcy Code, 2016 be the first charge on the property of the assessee or the person, as the case may be." The overriding effect of section 142A as regards the duty, penalty and interest under the Customs Act, 1962 is subject to the Central Act, State Acts provided in this section itself, which includes the SARFAESI Act. Therefore, the claim ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r parties who may have claims, such as the Respondent-Custom Authorities, would not be prejudiced. 8. Learned counsel for the Petitioner states that the Petitioner bank would proceed to take measures under the SARFAESI Act and if any amount remains balance after satisfying the claim of Petitioner, the Petitioner is under a duty to distribute the balance amount as per the claims received. The stat ..... X X X X Extracts X X X X X X X X Extracts X X X X
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