case of Adair Dutt and Co. (India) P. Ltd. v. Appropriate Authority, Income-Tax Department . In the said case it is held that the said ... actual possession can be taken under Sections 13 and 14 of the Securitisation Act cannot be a complete 'yes' or a complete
ground that suits are barred under Section 34 of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (hereinafter referred ... Banks and Financial Institutions Act, 1993 and under Rule 40 of the Income Tax (Certificate Proceedings) Rules, 1962 and also the bar under the Tamil
Section 22C of the
Minimum Wages Act, 1948 Section 33 of the Securitisation and
Reconstruction of Financial Assets and Enforcement of Security
Interest ... Water (Prevention and Control of Pollution ), 1974, Section 278B
of the Income Tax Act, 1961. Section 14A of the Employees'
Provident Fund and Miscellaneous
case
rcportacl in (2009) 3 did not
mmidm Securitisation
A652.
28. the; submissions made on
the learned Coumei for the 3:5
_ dismissal ... defiault mmm1'tted
the 1* mponfient in paynmnt cf income tax axfi
" re£ez*x'E1agmSecti0n293oftheIz1ca12;ae 'I'axAct
Banks and Financial Institutions Act,
1993 and under Rule 40 of the Income Tax
(Certificate Proceedings) Rules, 1962 an also the bar
under the Tamil ... manifestly clear that the power under Section
34 of the Securitisation and Reconstruction of
Financial Assets and Enforcement of Security
Interest Act is not absolute
Debts Due
to Banks and Financial Institutions Act, 1993 and/or the
Securitisation and Reconstruction of Financial Assets and
Enforcement of Security Interest ... Court
referred to the relevant provisions contained in the DRT
Act, the Securitisation Act and Sales Tax legislations of
different States as also Section
passed under Section 201(1) and 201 (1- A)
of the Income Tax Act , it is to be treated only as an
intimation ... corporate debtor in
respect of its property including any action under the
Securitisation and Reconstruction of Financial Assets
and Enforcement of Security Interest
including a leased asset, becomes non-
performing when it ceases to generate income for the
bank
2.1.2 A non-performing asset (NPA) is a loan ... facility remains
outstanding for more than 90 days, in respect of
a securitisation transaction undertaken in terms
17
of the Reserve Bank of India (Securitisation
respondent bank lodged its creation of
security before the Central Registry of Securitisation Asset
9
Reconstruction and Security Interest of India as is
evidenced from ... case of
Edelweiss Asset Reconstruction Co.Ltd. v. Tax
Recovery Officer, Income Tax Department and Others
in W.P.No.7964/2021 had an occasion
initiated action for recovery by
issuing notice under Section 13 of Securitisation
& Reconstruction of Financial Assets and
Enforcement of Security Interest Act (SARFAESI ... storage run by the
petitioners is seized and the petitioners had no
income for the last 13 months and they would
not be able
