9911796707
TMI Blog2022 (9) TMI 732X X X X Extracts X X X X X X X X Extracts X X X X ..... as on 31.03.2014 reveals the outstanding loan amount at Rs.8,03,56,460/-, the claim of the consortium is of a sum of Rs.114.27 crores, together with future interest - The Official Liquidator has requested that a break-up of the demand be supplied by the Consortium and the discrepancy in the amounts be clarified. Though this report of the Official Liquidator has been supplied to learned counsel as early as on 03.12.2019, no objection has been filed till date in this regard. Thus, clearly the aspect of quantification has to be looked into to determine the exact amount to be appropriated by the petitioner. Fixation of priority of charges and such priority has been fixed by this Court - HELD THAT:- The question of quantification is left to ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sently in liquidation (hereinafter refer to as R2). R2 had availed financial facilities from the petitioner as well as the State Bank of India and Canara Bank and had admittedly defaulted in repayment of the same. Equitable mortgages had been created over the properties in question by way of memorandum of deposit of title deeds on 02.07.2011, 06.02.2012 and 24.02.2012. 3.The Encumbrance Certificate placed on record by learned counsel for the petitioner would reveal creation of charge on and from 2008 by way of MOD of title deeds dated 13.10.2008 and 24.12.2012. On a combined reading of the two memoranda of deposit of title deeds dated 13.10.2008 24.12.2012 as well as the Encumbrance Certificate, it is clear that charge has been created ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... , 5, 6 and 7, 328/1, 2, 3, 4, 6 Nallur Village, Punjai Puliampatti, Sathyamangalam and 10.47 acres and building there on at Old SF Nos.342/A2, 343 345, Nallur Village, Punjai Puliampatti, Sathyamangalam and entire plant amp; machinery used for spinning, such as, carding machines, draw, speed and spinning frames, comber machines, auto coner machines, compressors, humidification and power plant installations, generators and all other accessories used in spinning mills, have been auctioned on 23.01.2019 pursuant to an auction sale notice dated 29.12.2018. 2. The question of priority of charge has been considered by this Court in the case of The Assistant Commissioner (CT) Vs. The Indian Overseas Bank and Others in WP.Nos.2675, etc. bat ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... form and manner as may be prescribed. (3) A creditor other than the secured creditor filing particulars of transactions of creation, modification and satisfaction of security interest over properties created in its favour shall not be entitled to exercise any right of enforcement of securities under this Act. (4) Every authority or officer of the Central Government or any State Government or local authority, entrusted with the function of recovery of tax or other Government dues and for issuing any order for attachment of any property of any person liable to pay the tax or Government dues, shall file with the Central Registry such attachment order with particulars of the assessee and details of tax or other Government dues from su ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ject to such claim: Provided that nothing contained in this sub-section shall apply to transactions carried on by the borrower in the ordinary course of business. 26D. Notwithstanding anything contained in any other law for the time being in force, from the date of commencement of the provisions of this Chapter, no secured creditor shall be entitled to exercise the rights of enforcement of securities under Chapter III unless the security interest created in its favour by the borrower has been registered with the Central Registry. 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he Court that while the balance sheet of R2 as on 31.03.2014 reveals the outstanding loan amount at Rs.8,03,56,460/-, the claim of the consortium is of a sum of Rs.114.27 crores, together with future interest. 8.The Official Liquidator has requested that a break-up of the demand be supplied by the Consortium and the discrepancy in the amounts be clarified. Though this report of the Official Liquidator has been supplied to learned counsel as early as on 03.12.2019, no objection has been filed till date in this regard. Thus, clearly the aspect of quantification has to be looked into to determine the exact amount to be appropriated by the petitioner. 9. Seeing as the prayer is only for fixation of priority and such priority has been fixe ..... X X X X Extracts X X X X X X X X Extracts X X X X
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