9911796707
TMI Blog2018 (12) TMI 1703X X X X Extracts X X X X X X X X Extracts X X X X ..... st respondent to register the sale certificate dated 14.03.2018 issued in favour of the tenth respondent. Petition allowed. X X X X Extracts X X X X X X X X Extracts X X X X ..... orming Assets on 31.03.2015. A statutory demand notice dated 21.04.2015 was issued to the respondents 2 to 4 followed by a possession notice on 10.09.2015. They neither replied to the said notices nor repaid the outstanding loan amounts. Therefore, the petitioner bank proceeded to issue a sale notice on 20.10.2015 seeking to bring the secured asset for auction sale on 30.11.2015, however, for want of bidders, the said sale stood cancelled. 3. He further submitted that the petitioner bank filed an application under Section 14 of the SARFAESI Act before the District Collector-cum-District Magistrate requesting assistance for taking physical possession of the property and the same was ordered on 28.11.2017 and accordingly, on 13.02.2018 the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 04.2018 refusing to register the sale certificate dated 14.03.2018 on the ground that there were adverse encumbrances/attachments available against the said property. 5. He also contended that on verification, the petitioner bank came to know that the respondents 5 to 9 filed individual civil suits and obtained orders of attachment before judgment against the respondents 3 and 4 in respect of the property in question. The fifth respondent filed O.S.No.68 of 2014 and obtained an order of attachment before judgment in I.A.No.176 of 2014 and the same was registered as Doc.No.16/2014, dated 01.09.2014. Similarly, the sixth respondent having filed O.S.No.67 of 2014, obtained an order of attachment before judgment in I.A.No.171 of 2014 and regi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 769, the Full Bench of this Court has held as under: "... 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 of Debts Laws and Miscellaneous Provisions (Amendment) Act, 2016, Section 41 of the same seeking to introduce Section 31B in the Principal Act, which reads as under:- "31B. Notwithstanding anything contained in any other law for the time being in force, the rights of 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 C ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e of assets over which security interest is created". 7. We, thus, answer the aforesaid reference accordingly." 8. For the sake of convenience, Section 26-E of the SARFAESI Act, is extracted hereunder: "26E. Notwithstanding anything contained in any other law for the time being in force, after the registration of security interest, the debts due to any secured creditor shall be paid in priority over all other debts and all revenues, taxes, cesses and other rates payable to the Central Government or State Government or local authority. Explanation.- For the purposes of this section, it is hereby clarified that on or after the commencement of the Insolvency and Bankruptcy Code, 2016, in cases where insolvency or bankruptcy proceedi ..... X X X X Extracts X X X X X X X X Extracts X X X X
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