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Recovery Certificate issued by DRT would give rise to a fresh cause of action to initiate proceedings under Section 95 of IBC against the Guarantor – State Bank of India Vs. Mrs. J. Geetha – NCLT Chennai Bench

Hon’ble NCLT Chennai Bench held that with regards to limitation, it is relevant to refer to the Judgment of Hon’ble Supreme Court in the case of Dena Bank vs. C. Shivakumar Reddy & Anr. (2021) ibclaw.in 69 SC, where it was held that the Judgment and/or decree for money in favour of the Financial Creditor, passed by DRT, or any other Tribunal or Court, or the issuance of a certificate of recovery in favour of the Financial Creditor, would gave rise to a fresh cause of action for the Financial Creditor, to initiate proceedings under Section 7 of the Code, if the dues of the Corporate Debtor under the Judgment/decree or any part thereof remained unpaid.

Recovery Certificate issued by DRT would give rise to a fresh cause of action to initiate proceedings under Section 95 of IBC against the Guarantor – State Bank of India Vs. Mrs. J. Geetha – NCLT Chennai Bench Read Post »

The charge of the secured creditor shall precede over the charge of the unsecured creditor – S. Mark Engineering (I) Pvt. Ltd. Vs. Commissioner of Sales Tax and Ors. – Gujarat High Court

The charge of the secured creditor shall precede over the charge of the unsecured creditor. The petitioner herein being auction purchaser by auction proceedings conducted under the SARFAESI Act, 2002 by the respondent No.3 – Bank, the respondent No.3- Bank being the secured creditor shall have priority over all the debts and revenues, taxes, cesses and other rates payable to the State Authorities.

The charge of the secured creditor shall precede over the charge of the unsecured creditor – S. Mark Engineering (I) Pvt. Ltd. Vs. Commissioner of Sales Tax and Ors. – Gujarat High Court Read Post »

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