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DIPANKAR DATTA, M. S. KARNIK, N. J. JAMADAR
Jalgaon Janta Sahakari Bank Ltd. – Appellant
Versus
Joint Commissioner of Sales Tax Nodal 9, Mumbai – Respondent
| Table of Content |
|---|
| 1. jurisdiction and powers of the high court. (Para 1 , 2 , 3) |
| 2. discussion on the sarfaesi and rddb acts. (Para 4 , 5 , 6) |
| 3. legal interpretation of priority provisions. (Para 7 , 8 , 9) |
| 4. constitutional validity and applicability of laws. (Para 14 , 16) |
| 5. rights of secured creditors versus state dues. (Para 18 , 37) |
| 6. mechanism of registrations and enforcement. (Para 150 , 151) |
| 7. judgment on prioritized claims and outcomes. (Para 192 , 240) |
JUDGMENT:
INTRODUCTION
1. A Division Bench of this Court (cor. Chief Justice and M.S. Karnik, J.) while considering this batch of writ petitions was of the view that the issues emerging for decision therein can be advantageously heard and disposed of by a larger Bench. In deference to the order dated 25th November 2021 passed by such Bench and in exercise of power conferred on the Chief Justice by rule 8 of Chapter I of the Bombay High Court Appellate Side Rules, 1960, this larger Bench was constituted. The parties were put on notice and heard at length on multiple legal and factual issues.
2. The controversy lies in a narrow compass, with the Securitisation and Reconstruction of Financial Assets and Enforcement of Security interes
The provisions of Section 26E of the SARFAESI Act 2002 and Section 31B of the Recovery of Debts and Bankruptcy Act, 1993 create "First Charge" by way of priority in favour of the Banks and Financial ....
Bank is entitled only for a priority in payment alone, it can never be said to be a charge created over property against statutory charge contained under KGST Act, 1963 and KVAT Act, 2003 or any Cent....
Secured creditors' debts take precedence over state tax claims, as established by Section 26E of the SARFAESI Act.
Secured creditors have priority over State debts under Section 26E of the SARFAESI Act, 2002, invalidating conflicting State charges on mortgaged assets.
Section 26E of the SARFAESI Act establishes that secured creditors have priority over State revenue claims, reinforcing the enforceability of secured debts post-registration.
The main legal point established in the judgment is the priority of the secured creditor's dues over other creditors' claims, as determined by the SARFAESI Act and relevant case law.
The main legal principle established in the judgment is the priority of the secured creditor over government dues as per the SARFAESI Act, particularly in relation to the registration with CERSAI and....
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