9911796707
TMI Blog2020 (2) TMI 1663X X X X Extracts X X X X X X X X Extracts X X X X ..... secured creditor shall be paid in priority over all other other debts and revenues, taxes, cesses and rates payable to the Central or State Government or local authority. The sale of the properties in question shall be registered, if the documents are otherwise in order. The petitioner bank is directed to keep the sale considerations apart in a separate interest bearing, marked account, till, and subject to disposal of this writ petition. Since the main issue is stated to be pending before the Supreme Court, list this matter on 16.03.2020. X X X X Extracts X X X X X X X X Extracts X X X X ..... ement of Security Interest Act, 2002 (SARFAESI Act) inserting Chapter IVA dealing with 'Registration by Secured Creditors and Other Creditors', effect from 24.01.2020 and reading as follows: "CHAPTER IVA REGISTRATION BY SECURED CREDITORS AND OTHER CREDITORS 26B. (1) The Central Government may by notification, extend the provisions of Chapter IV relating to Central Registry to all creditors other than secured creditors as defined in clause (zd) of sub-section (1) of section 2, for creation, modification or satisfaction of any security interest over any property of the borrower for the purpose of securing due repayment of any financial assistance granted by such creditor to the borrower. (2) From the date of notification ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... transactions of creation, modification or satisfaction of security interest by a secured creditor or other creditor or filing of attachment orders under this Chapter shall be deemed to constitute a public notice from the date and time of filing of particulars of such transaction with the Central Registry for creation, modification or satisfaction of such security interest or attachment order, as the case may be. (2) Where security interest or attachment order upon any property in favour of the secured creditor or any other creditor are filed for the purpose of registration under the provisions of Chapter IV and this Chapter, the claim of such secured creditor or other creditor holding attachment order shall have priority over any subsequ ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
