The court held that the charge created by the bank u/s 26E of ...

Bank's charge takes precedence over VAT dept's charge on property under SARFAESI Act.

Case Laws VAT / Sales Tax

November 6, 2024

The court held that the charge created by the bank u/s 26E of the SARFAESI Act would take precedence over the charge created by the respondent u/s 48 of the VAT Act. Relying on a previous judgment, the court ruled that the charge for VAT dues has no legal efficacy in view of the SARFAESI Act and the RDB Act. As the bank had created the charge prior in time, the subsequent charge created by the respondent in 2019 cannot be sustained. Consequently, the respondent was directed to remove the charge over the property, and the mutation entry in the Revenue Record was ordered to be deleted. The petition was disposed of accordingly.

View Source

← Previous Next →

The court held that the charge created by the bank u/s 26E of ...

Bank's charge takes precedence over VAT dept's charge on property under SARFAESI Act.

Case Laws VAT / Sales Tax

November 6, 2024

You may also like:

Once symbolic possession of the property is taken over by the appellant under the SARFAESI Act, 2002, the moratorium u/s 96 of the Insolvency and Bankruptcy Code...

Attachment orders - petitioner(bank) taken over property of guarantor of loan and sold the same - firstly attachment made by the dept. of the the properties belonging to...

Recovery of VAT from the purchaser of property in Auction - Attachment of mortgaged properties - It is hereby declared that the respondent No.2 had the first charge over...

SEBI requisite legal power vested in it to direct the petitioner bank - Right of the bank to recovery dues and proceed with under the SARFAESI Act, 2002 - The orders...

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...

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...

From perusal of Section 96(1)(b) of IBC, 2016, interim moratorium restrains ongoing or fresh legal action or proceeding regarding debt pertaining to personal guarantor,...

Offence under PMLA - attachment of property - Since the action taken by the Bank of India was in accordance with law and was prior to the proceedings initiated under...

This petition sought to restrain the bank from taking physical possession of two immovable properties. The court held that the petitioner grossly violated undertakings...

Liability of service tax - reverse charge mechanism - overseas banks has deducted certain bank charges from the export realization of the appellant’s export - Even...

Banking and other Financial Services - reverse charge mechanism - The foreign banks while remitting the money to the Indian Bank, deduct their charges for collection of...

TDS u/s 194H - Addition u/s 40(a)(ia)- assessee has paid Bank Guarantee Commission to Scheduled Banks approved by RBI - In the present case it is one of the banking...

Sales Tax - Recovery of tax - Priority as between sales tax dues and dues owed to banks and financial institutions - when a first charge is created by operation of law...

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....

Challenge to proceedings initiated under SARFAESI Act by appellant bank. Court held: Appellant entitled to proceed under SARFAESI Act given mortgage and recoverable loan...

Quick Updates: