9911796707
TMI Blog2007 (1) TMI 264X X X X Extracts X X X X X X X X Extracts X X X X ..... e dated 12-12-2005, was issued by the first respondent-bank in terms of section 13(4) of the SARFAESI Act and the same was published in the Daily Thanthi newspaper on 13-12-2005, wherein the property of the second respondent was sought to be brought in auction. In that notice, it was clearly stated by the authorised officer the dues recoverable from the second respondent, which are as follows : Sales Tax Department - Rs. 555.88 lakhs EPF Department - Rs. 6.29 lakhs ESI Department - Rs. 16.35 lakhs Dues to SIPCOT - Rs. 1.28 lakhs Workers due - Rs. 90 lakhs 2. All these figures were promptly stated. However, it is the apprehe ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... vides for securing the available assets, which are pledged towards the bank dues to be kept intact and also if necessary, to be sold in public auction towards the realisation of the dues to the bank. However, section 13 of the SARFAESI Act provides for a complete procedure that the method by which sale can be made and section 13(7), (9) and (10) reads as follows : "(7) Where any action has been taken against a borrower under the provisions of sub-section (4), all costs, charges and expenses which, in the opinion of the secured creditor, have been properly incurred by him or any expenses incidental thereto, shall be recoverable from the borrower and the money which is received by the secured creditor shall, in the absence of any contract t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... provisions of section 529A of that Act: Provided also that the liquidator referred to in the second proviso shall intimate the secured creditor the workmen s dues in accordance with the provisions of section 529A of the Companies Act, 1956 (1 of 1956) and in case such workmen s due cannot be ascertained, the liquidator shall intimate the estimated amount of workmen s dues under that section to the secured creditor and in such case the secured creditor may retain the sale proceeds of the secured assets after depositing the amount of such estimated dues with the liquidator : Provided also that in case the secured creditor deposits the estimated amount of workmen s dues, such creditor shall be liable to pay the balance of the workmen s due ..... X X X X Extracts X X X X X X X X Extracts X X X X
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