Tax Management India. Com
Law and Practice  :  Digital eBook
Research is most exciting & rewarding
  TMI - Tax Management India. Com
Follow us:
  Facebook   Twitter   Linkedin   Telegram
Income Tax - Highlights / Catch Notes

Home Highlights March 2024 Year 2024 This

Priority Charge - Seeking directions to remove the order of ...

Case Laws     Income Tax

March 30, 2024

Priority Charge - Seeking directions to remove the order of attachment over the property of the borrower, which according to the petitioner, is mortgaged and is a secured asset - The petitioner, being a secured creditor with the security registered with the Central Registry, was entitled to the benefit of Section 26E of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI Act). The Court affirmed that the rights of secured creditors to realize secured debts shall have priority over all other debts and government dues. - The Court clarified that even if an auction is conducted by the secured creditor and the sale certificate is not registered, the Registering Authority may register it, notwithstanding the attachment by government departments.

View Source

 


 

You may also like:

  1. Recovery proceeding - priority of charge - void transactions U/s 281 - The Income Tax Department is also free to seek its remedy before the appropriate forum including...

  2. Under the SARFAESI Act, a bank's charge takes priority over the State's claim for outstanding dues related to specific land. The High Court held that the charge created...

  3. CIRP - Transfer of property under auction - status of "charge" created on the property - Right and liability of the purchaser of property - Even otherwise as per Section...

  4. Priority of the charge - statutory charge in favour of the Sales Tax Department - if any Central Statute creates priority of a charge in favour of a secured creditor,...

  5. Priority of recovery of tax / duty of excise dues - Attachment of property - Seeking removal of lien/charge/encumbrance/mutation entry of Central Excise Department - the...

  6. HC addressed priority of claims among secured and unsecured creditors in liquidation. Referring to SC precedent, HC upheld first charge holder's priority over second...

  7. Priority of dues between the Central Excise Department and secured creditors in cases of attachment of properties for recovery. The Supreme Court held that the Central...

  8. Seeking waiver/refund of charges like container detention charges, demurrage charges, ground rent charges etc - no liability to be fastened on the respondent - HC

  9. Recovery of dues (secured debt) - secured creditor has priority over the right claimed by the Revenue over secured debt or not - It is quite clear and evident from...

  10. Secured creditor has priority over Sales Tax Department for recovering dues from borrower/entity. Section 26E of SARFAESI Act and Section 38 of 2002 Act considered....

  11. Right of the auction purchaser of the property - Right of the Defaulter of Loan / Borrowers to redeem the secured property - in accordance with the unamended Section...

  12. Under the Insolvency and Bankruptcy Code (IBC), the Corporate Insolvency Resolution Process (CIRP) was initiated against the first petitioner-company, and a moratorium...

  13. Recovery proceedings - priority of rights over property as secured creditor - Income Tax Act has not provided any 1st charge of its debts. But there is 1st charge over...

  14. Priority of charge over assets - Secured creditors versus Crown Debts (State tax dues) - Attachment of property - default in repayment of loan amount - the State cannot...

  15. Recovery of dues - priority over the charges - Apparently, the petitioner-Bank is the secured creditor and has created the first charge over the property in question as...

 

Quick Updates:Latest Updates