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IN THE HIGH COURT OF KERALA AT ERNAKULAM
T.R. RAVI
J.C. Flowers Asset Reconstruction Pvt. Ltd. – Appellant
Versus
State of Kerala – Respondent
| Table of Content |
|---|
| 1. petition filed for registration of agreements. (Para 1) |
| 2. state's argument on stamp duty chargeability. (Para 2) |
| 3. issues raised for court's determination. (Para 3 , 4) |
| 4. petitioners' arguments referencing previous cases. (Para 5) |
| 5. contested applicability of laws for stamp duty. (Para 6 , 10 , 11 , 12) |
| 6. understanding legislative intent of exemptions. (Para 7 , 8 , 9) |
| 7. exemption from duty strictly constructed. (Para 13) |
| 8. examination of relevant government orders. (Para 14 , 15 , 16 , 17) |
| 9. court's final observations on conflicting judgments. (Para 18) |
| 10. writ petitions allowed with a directive. (Para 19) |
JUDGMENT :
T.R. RAVI, J.
1. The writ petitions have been filed by the Asset Reconstruction Company, having a certificate of registration under Section 3 of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (for short 'SARFAESI Act'), from the Reserve Bank of India (for short 'RBI'). Ext.P1 is the certificate of registration. The petitioner in W.P. (C)No.18051 of 2024 entered into an asset reconstruction agreement with the Karnataka Bank Ltd. on 04.03.2024 and the petitioner in W.P.(C)No.23003 of 2024 entered
The exemption from stamp duty for asset reconstruction agreements applies only under the Indian Stamp Act, not the Kerala Stamp Act, denying total exemption sought by the petitioners.
Stamp duty for Sale Certificates must be calculated based on the purchase price stated in the certificate, not the market value, with total permissible duties capped at specified rates.
Sale certificates issued under SARFAESI Act are not compulsorily registrable and do not require stamp duty when filed under Section 89(4) of the Registration Act.
Once a single instrument has been charged under a correct charging provision of Statute, Revenue cannot split instrument into two, because of reduction in stamp duty facilitated by a notification of ....
Sale certificates issued under SARFAESI Act are not compulsorily registrable and do not require stamp duty when filed under Section 89(4) of the Registration Act.
The court ruled that the petitioners were not entitled to stamp duty exemption as they did not meet the criteria set by the Government Order, affirming the principle of reasonable classification unde....
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 have priority over State debts under Section 26E of the SARFAESI Act, 2002, invalidating conflicting State charges on mortgaged assets.
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