9911796707
TMI Blog2023 (5) TMI 1314X X X X Extracts X X X X X X X X Extracts X X X X ..... e including Excise Revenue will have priority over the secure creditor s debt or not - HELD THAT:- Red entries/lien entered in the revenue documents qua secured assets of all the petitioners are ordered to be removed. All orders/directions passed to the contrary by the authorities shall stand quashed. All legal consequences shall follow. All these petitions are allowed. - The Hon ble Ms. Justice ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e secure creditor s debt. 3. Learned counsel on both sides have jointly stated that the issue involved in the present petition is no longer res-integra and has been settled by the Hon ble Apex Court in Civil Appeal No.2196/2012 (Punjab National Bank Vs. Union of India Ors.) decided on 24.02.2022. Relevant part of the judgment reads as under:- 37. Secondly, coming to the issue of priority of secure ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ct of 1944. Therefore, in the event like in the present case, where the land building, plant machinery, etc. have been mortgaged/hypothecated to a secured creditor, having regard to the provision contained in Section 2(zc) to (zf) of SARFAESI Act, 2002, read with provisions contained in Section 13 of the SARFAESI ACT, 2002, the Secured Creditor will have a First Charge on the Secured Assets. Moreo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f the Central Excise Department, as even after insertion of Section 11E in the Central Excise Act, 1944 w.e.f. 08.04.2011, and the provisions contained in the SARFAESI Act, 2002 will have an overriding effect on the provisions of the Central Excise Act of 1944. xxxx 4. In view of above, all these petitions are allowed. Red entries/lien entered in the revenue documents qua secured assets of all the ..... X X X X Extracts X X X X X X X X Extracts X X X X
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