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Abhay Nevagi & Associates

Can Sales Tax Dept attach & sell auction property for recovery of dues of seller?

A Company in the course of business obtained financial assistance from financial institutions and banks. For securing the debt, the said company had mortgaged its immovable properties and thus created security interest in the said properties. The Company defaulted in repayment and the banks and financial institutions sold the mortgaged properties under Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (for short ‘SARFAESI Act’).

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