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REVATI MOHITE DERE, PRITHVIRAJ K. CHAVAN
Saraswat Co-operative Bank Ltd. – Appellant
Versus
Purnanadu Shekharmal Jain, deceased Through LRs. - Anupama P. Jain – Respondent
JUDGMENT :
(Revati Mohite Dere, J.)
1. At the outset, learned Counsel for the petitioner seeks leave to amend the prayer clause. Leave granted. Amendment to be carried out forthwith during the course of the day.
2. Heard learned Counsel for the parties.
3. Rule. Rule is made returnable forthwith, with the consent of the parties and the petition is taken up for final disposal.
4. By this petition, the petitioner seeks the following substantive relief :-
5. Mr. Kamat, learned Counsel for the petitioner submits that the MPID Court had no jurisdiction to attach the properties in question, which were the subject matter under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest A
The SARFAESI Act prevails over the MPID Act, protecting properties mortgaged prior to the attachment under the MPID Act.
The SARFAESI Act takes precedence over the MPID Act for properties mortgaged before MPID attachment, ensuring secured creditors' rights are upheld.
The auction purchaser's title prevails over subsequent attachments, as the attachment occurred after the auction sale, reaffirming the priority of security interests under Section 26(E) of the SARFAE....
The main legal point established in the judgment is that the charge created under the SARFAESI Act takes priority over the State's dues, as per Section 26E of the Act.
The confirmation of sale under SARFAESI Act extinguishes prior attachments on the property, rendering them ineffective.
The main legal point established in the judgment is that the claim of the secured creditor under the SARFAESI Act has priority over other debts and attachments, and attachments made by other parties ....
The actions of the state in attaching property already mortgaged to a secured creditor are illegal and violate the prioritization established under the SARFAESI Act.
The main legal point established in the judgment is that the SARFAESI Act gives priority to secured creditors over all other debts, and in case of conflict between a Central Act and a State Act, the ....
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