Sarfaesi
Ritika singh
(Querist) 24 January 2014
This query is : Resolved
how as a secured creditor, i can auction a property on which income tax dues are very high. keeping aside the priority of charges and satisfaction of secured creditors dues first , how can an auction purchaser bid in such an auction when he knows the IT arrears will pass on to him and its a bad deal for them.
can an alternate recourse be suggested as the property is stuck with us?
ajay sethi
(Expert) 24 January 2014
secured creditor can afford legal fees .
R.K Nanda
(Expert) 24 January 2014
consult local lawyer.
Rajendra K Goyal
(Expert) 24 January 2014
Consult a local lawyer and show him all the documents.
Advocate. Arunagiri
(Expert) 24 January 2014
You have to state whether IT depart had attached the property?
Devajyoti Barman
(Expert) 24 January 2014
give some more background of the case.
Raj Kumar Makkad
(Expert) 24 January 2014
If you have already the idea of burden of tax implications, you should restrain from bidding that property.
Ritika singh
(Querist) 25 January 2014
physical possession ws taken by the creditor before IT attachment order . IT has given the right of sale by auction and settlement of dues acc to priority . but getting buyers is a problem .
Devajyoti Barman
(Expert) 25 January 2014
secured creditor shall have priority than the statutory auhtority.
