9911796707
TMI Blog2017 (7) TMI 507X X X X Extracts X X X X X X X X Extracts X X X X ..... Nos. 2711 & 2792 of 2017, W. M. P. Nos. 2653, 2654, 2727, 2728 of 2017 - - - Dated:- 4-7-2017 - T. S. Sivagnanam, J. For the Petitioner : Mr. Vijay Narayanan, M/s. BFS Legal Associates For the Respondents : Mr. K. Venkatesh ORDER Heard Mr. Vijay Narayanan, Senior Counsel assisted by Mr.K.M.Aasim Shehzad learned counsel appearing for the petitioner and Mr.K.Venkatesh, learned Government Advocate appearing for the respondent. 2.The petitioner is an Asset Reconstruction Company and they have challenged an order passed by the first respondent, the Commercial Tax Officer, Alandur Assessment Circle, dated 26.02.2010, attaching the schedule mentioned property owned by the assessee in default namely, the third respondent. T ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... passed by the Full Bench is quoted herein below:- The writ petitions have been listed before the Full Bench in pursuance to the reference order in W.P.No.6267 of 2006 and W.P.No.253 of 2011, in respect of the following issues:- ''a) As to whether the Financial Institution, which is a secured creditor, or the department of the government concerned, would have the 'Priority of Charge' over the mortgaged property in question, with regard to the tax and other dues. b) As to the status and the rights of a third party purchaser of the mortgaged property in question.'' 2.We are of the view that if there was at all any doubt, the same stands resolved by view of the Enforcement of Security Interest and Recovery ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e, naturally it would govern the rights of the parties in respect of even a lis pending. 5.The aforesaid would, thus, answer question (a) in favour of the financial institution, which is a secured creditor having the benefit of the mortgaged property. 6.In so far as question (b) is concerned, the same is stated to relate only to auction sales, which may be carried out in pursuance to the rights exercised by the secured creditor having a mortgage of the property. This aspect is also covered by the introduction of Section 31B, as it includes ''secured debts due and payable to them by sale of assets over which security interest is created''. 7.We, thus, answer the aforesaid reference accordingly. 8.The m ..... X X X X Extracts X X X X X X X X Extracts X X X X
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