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DHIRAJ SINGH THAKUR, NINALA JAYASURYA
South Indian Bank Limited – Appellant
Versus
State Of Andhra Pradesh – Respondent
ORDER :
The issue involved in these Writ Petitions is similar and the same are disposed of by this Common Order.
2) The brief facts as set out in the Writ Petitions, relevant for better appreciation of the petitioner’s case are that the 3rd respondent – a proprietary concern represented by the 4th respondent availed various loan facilities to a tune of Rs.4,52,17,985.49 ps., from the petitioner-bank, executed necessary loan documents and created an equitable mortgage by depositing title deeds in respect of the following properties:
(b) Land admeasuring 200 Sq.yards bearing Plot No.1137, Mayuri-II, Janachaitanya Plots, Gorantla, Amaravathi Road, Guntur, purchased vide Registered Sale Deed dated 26.03.2012; and
(c) Land admeasuring 240 Sq.yards, bearing Plot No.261, Arjun-II, Janachaitanya Plots, Gorantla, Amaravathi Road, Guntur, purchased vide Registered Sale Deed dated 23.04.2012.
3) The Memorandum of Deposit of Title Deeds in respect of the above properties were executed initially in the month of November, 2012 an
Secured creditors' rights under the SARFAESI Act take precedence over subsequent attachment orders, allowing for the registration of sale certificates.
The main legal point established in the judgment is that attachment orders subsequent to the mortgage do not affect the rights of the secured creditor over the subject property, and sale certificates....
Secured creditors have priority over debts, permitting registration of sale certificates despite existing civil court attachments, with purchasers taking the property subject to said attachments.
An order of attachment cannot be a bar to register a document, and the sale of a subject property pending the order of attachment is void only as against the claims enforceable under the order of att....
The SARFAESI Act affirms secured creditors' priority over state debts, overturning any conflicting tax attachments regarding sold properties.
Section 26(E) of the SARFAESI Act and Section 31B of Act 51 of 1993, there cannot be any doubt that the rights of a secured creditor to realize the debts due and payable by sale of assets over which ....
Secured creditors under SARFAESI Act have priority over all other debts, including tax attachments, affirming the necessity of registering Sale Certificates in favor of auction purchasers.
Creditor rights under the SARFAESI Act allow registration of sale certificates despite existing court attachments when they arise post-mortgage.
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