ORDER :

In all these cases, the petitioners are Banks and challenge orders encumbering properties that, according to them, have been offered to them as collateral by persons who have availed financial assistance. Memoranda of Deposit of Title Deeds (MOD) have been executed, under which the property in question was offered as security to the Bank by the borrowers/loanees.

2. There were defaults by the loanees, as a result that the Banks had initiated action under Section 13 of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (in short ‘SARFAESI Act’) and taken possession of the property thereafter under Section 13(4) thereof. Public notice for auction of the properties was issued and in all the cases sales have been concluded to successful bidders and certificates have been issued. The sales have been registered and sale certificates issued in all cases.

3. The loanees are assesses under the provisions of the Income Tax Act, 1961 (in short ‘Act’) and have defaulted in the payment of income tax arrears. It is the case of the Income tax department that, as result of the defaults, proceedings have been taken to attach the properties