9911796707
TMI Blog2014 (11) TMI 623X X X X Extracts X X X X X X X X Extracts X X X X ..... heir claims before the Official Liquidator, so that the claim can be adjudicated and the Official Liquidator in turn can issue notice to the defaulters as well as to the second respondent and adjudicate the matter. In such circumstances, the petitioner cannot prevent the second respondent, the secured creditor, from proceeding further. - petitioner is directed to file claim petitions, before the Official Liquidator, which shall be adjudicated by the Official Liquidator, after issuing notice to the respondents - Decided against Revenue. - W.P. (MD) NOS. 1780 & 2000 OF 2014, M.P. (MD) NOS. 1 TO 3 OF 2014 - - - Dated:- 7-8-2014 - T.S. SIVAGNANAM, J. For The Appellant : R. Aravindan For The Respondent : K.K. Senthil and Ms. P. Mal ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... On account of the default committed by both the first respondent, the Bank and the financial institutions classified their debts as non performing assets and IDBI transferred its non performing assets along with underlying securities to the SASF, vide the Transfer Deed dated 30.09.2004. By reason of the transfer, SASF stepped into the shoes of IDBI and acquired absolute right, title and charge in the financial instruments and underlying securities created in favour of IDBI. By further deeds of assignment, the second respondent has become a secured creditor of the first respondent company. Pursuant to the rights conferred on the second respondent, under the provisions of the SARFAESI Act, notice was issued under Section 13(2) to pay the amou ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... materials available on record. 6. It is the settled legal position that dues payable to the Central Excise Department do not have any precedence over the right of a secured creditor. The secured creditor viz., the second respondent herein has come into the picture pursuant to various deeds of assignment executed in their favour. Therefore, the only remedy available to the petitioner / Central Excise Department is to approach the third respondent / Official Liquidator and place their claims before the Official Liquidator, so that the claim can be adjudicated and the Official Liquidator in turn can issue notice to the defaulters as well as to the second respondent and adjudicate the matter. In such circumstances, the petitioner cannot pre ..... X X X X Extracts X X X X X X X X Extracts X X X X
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