P. SATHASIVAM, J. :- The following question is referred to Full Bench for decision :-

'Whether the Crown's debts, for which there is no priority or charge is created under the statute, should have precedence over the secured creditors?'

2. Brief facts :

The petitioner, UTI Bank Ltd., has approached this Court to issue a writ of Mandamus forbearing the first respondent-Deputy Commissioner of Central Excise, Chennai II Division and the second respondent - Secretary, Ministry of Finance, Government of India from bringing the property situated at Plot No. 55, Ambattur Industrial Estate, Ambattur, Chennai 600 058 into auction for any alleged dues payable by the debtor company, namely M/s. Sumeet Research and Holdings Private Limited, since the said property has already been taken possession by the petitioner in pursuance to its statutory rights under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (Act 54 of 2002) (in short 'SARFAESI Act').

3. M/s. Sumeet Research and Holdings private limited, (hereinafter called 'the borrower company') sought financial assistance from the writ petitioner/UTI Bank, of a sum of Rs. 635 lakhs t