JUDGMENT :

The petitioner, Phoenix ARC Private Limited, is a company as defined in clause (ba) of Section 2 of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (hereinafter referred to as ‘the SARFAESI Act’ for short). It is an asset reconstruction company registered with the Reserve Bank of India. As per Section 5 of the SARFAESI Act, any asset reconstruction company may acquire financial assets of any Bank or financial institutions which are classified as Non-Performing Asset. The petitioner got assigned debts along with the right to proceed against the underlying security interest as envisaged under Section 5 of the SARFAESI Act from the State Bank of Travancore, the Federal Bank Ltd and the South Indian Bank Ltd. The petitioner sought to register the assignment deeds in favour of it [Exts. P2 to P4] with the Sub Registrar, Ernakulam (respondent No.5). The petitioner submitted before the Sub Registrar that in view of Section 5(1A) of the SARFAESI Act and 8F of the Indian Stamp Act,1899, no stamp duty is payable to assign