The Punjab & Sind Bank appealed a judgment by the Punjab & Haryana High Court from April 24, 2015, which sustained the State's claim of priority regarding dues under the Punjab Value Added Tax Act, 2005 (the '2005 Act'), concerning a corporate entity, M/S Sumit Engineering Pvt. Ltd. The bank's claim was based on a charge created over the immovable property of the entity, which was respondent no. 2 in the appeal. The respondent was unrepresented during the appeal.
The Punjab & Sind Bank initiated proceedings under Section 13(2) of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI Act) on September 6, 2013, because respondent no. 2 defaulted on a borrowed amount of approximately Rupees 2.60 crores plus interest. The State claimed a first charge over the property based on dues under the Punjab Value Added Tax Act, 2005, amounting to Rupees 4.50 crores. The Assistant Collector-cum-Excise and Taxation Officer informed the Bank on May 23, 2014, about proceedings against respondent no. 2 under the Land Revenue Act, 1887, for recovering tax dues and the attachment of the defaulting respondent's property. The bank argued for primacy over the assets of the defaulting
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The Punjab & Sind Bank appealed a judgment by the Punjab & Haryana High Court from April 24, 2015, which sustained the State's claim of priority regarding dues under the Punjab Value Added Tax Act, 2005 (the '2005 Act'), concerning a corporate entity, M/S Sumit Engineering Pvt. Ltd. The bank's claim was based on a charge created over the immovable property of the entity, which was respondent no. 2 in the appeal. The respondent was unrepresented during the appeal.
The Punjab & Sind Bank initiated proceedings under Section 13(2) of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI Act) on September 6, 2013, because respondent no. 2 defaulted on a borrowed amount of approximately Rupees 2.60 crores plus interest. The State claimed a first charge over the property based on dues under the Punjab Value Added Tax Act, 2005, amounting to Rupees 4.50 crores. The Assistant Collector-cum-Excise and Taxation Officer informed the Bank on May 23, 2014, about proceedings against respondent no. 2 under the Land Revenue Act, 1887, for recovering tax dues and the attachment of the defaulting respondent's property. The bank argued for primacy over the assets of the defaulting
…Proceedings initiated by Punjab & Sind Bank…
Assistant Collector-cum-Excise and Taxation…
Sign in to view related legal provisions.