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Will Charge Of Bank On A Leasehold Plot Mortgaged As Loan Security Have Priority Over Third Party Charges? Madhya Pradesh High Court Answers [Read Order]

first_imgNews UpdatesWill Charge Of Bank On A Leasehold Plot Mortgaged As Loan Security Have Priority Over Third Party Charges? Madhya Pradesh High Court Answers [Read Order] LIVELAW NEWS NETWORK4 Nov 2020 3:45 AMShare This – xThe Madhya Pradesh High Court has held that a charge of Bank on the leasehold plot mortgaged as security towards loan will have priority over other charges of third party, including the State. The observation has been made in reference to SARFAESI Act 2002 and Recovery of Debts and Bankruptcy Act, 1993. The order states, “Since Sections 26-E of Act of 2002 and 31-B of…Your free access to Live Law has expiredTo read the article, get a premium account.Your Subscription Supports Independent JournalismSubscription starts from ₹ 599+GST (For 6 Months)View PlansPremium account gives you:Unlimited access to Live Law Archives, Weekly/Monthly Digest, Exclusive Notifications, Comments.Reading experience of Ad Free Version, Petition Copies, Judgement/Order Copies.Subscribe NowAlready a subscriber?LoginThe Madhya Pradesh High Court has held that a charge of Bank on the leasehold plot mortgaged as security towards loan will have priority over other charges of third party, including the State. The observation has been made in reference to SARFAESI Act 2002 and Recovery of Debts and Bankruptcy Act, 1993. The order states, “Since Sections 26-E of Act of 2002 and 31-B of 1993 Act override the provisions in any other law as to priority right of the secured creditor, the contention on behalf of respondent that the District Industrial Centre has priority right to recover its dues of M/s Anmol Agro Pvt. Ltd., cannot be upheld. It is, accordingly, held that in respect of the property mortgaged with Bank as secured asset, the Bank shall have the priority right to recover its dues.” The observation was made by a Division Bench of Acting Chief Justice Sanjay Yadav and Justice Rajeev Kumar Dubey, in a writ petition filed by the Bank of Baroda, asserting that Banks have a priority right for recovery of their dues. Background As per the facts of the case, M/s Anmol Agro Pvt. Ltd. had availed the credit facilities from the Bank and for securing the repayment thereof, it sought to create mortgage of various immovable proprieties in favour of the Bank, including lease hold rights of the property in question. Upon failure of the firm to repay the loan, the Bank auctioned the property and sought transfer of its leasehold rights in favour of the successful bidder. The District Industrial Centre refused such permission on the ground that M/s Anmol Agro Pvt. Ltd. has not repaid the subsidy amount received by it from the Department and has not paid lease rent. Aggrieved by this, the Bank approached the High Court seeking transfer of lease-hold right in favour of auction purchaser, on the ground that the mortgage deed was executed after obtaining NOC and that the auction proceedings were under the SARFAESI Act, for recovery of outstanding dues against the Bank. Arguments The District Industrial Centre had urged that Clause 41 of the lease agreement covenanted that “on the request of bank/financial institution and the lessee, permission in favour of the concerned bank/financial institution, as referred to in the rules, will be granted as per prescribed format, by the lessor regarding assignment of lease hold rights. In all circumstances, the charge of the Department of Commerce, Industry and Employment on land/shed shall be over and above any subsequent charges to be created”. Thus, it was argued that as per stipulation in Clause 41, the State Government has first charge, over and above any financial institution. It was urged that even while granting NOC for creating mortgage in favour of the petitioner-Bank, it was the condition of NOC that the Department will have priority right. It was further submitted that the execution of lease in favour of the auction purchaser can only be after the dues of erstwhile lessee are cleared. Findings The Bench perused Section 26 of the SARFAESI Act which gives priority to secured creditors. It provides that after the registration of security interest, the debts due to any secured creditor shall be paid in priority over all other debts and all revenues, taxes, cesses and other rates payable to the Central Government or State Government or local authority. A similar stipulation is made under Section 31-B of the Recovery of Debts and Bankruptcy Act, 1993. “These Sections start with non-obstante clause, thus giving an overriding effect over any other law in case of a conflict,” the Bench noted. So far as a direction to the District Industrial Centre to execute a lease in favour of the auction purchaser is concerned, the Court concurred with the Respondent that it can be done only after its dues are cleared. “While holding that the petitioner-Bank has the priority right to recover its dues from the secured assets, cannot however insist upon to execute the lease deed in favour of the third party without settling the dues of the District Industrial Centre,” the Court ordered. It reasoned that the NOC merely granted permission for conveyance of leasehold right in favour of Bank on satisfying the conditions stipulated therein. However, there was no instrument/ order empowering the Bank to further assign the leasehold right of the land in question in favour of the auction purchaser. “It must be remembered that a mortgage is a transfer of an interest in a specific immovable property as security for the repayment of a debt. In case where the property in question is a leasehold property, as in the case at hand, and the lessor is not a privity to the credit facility/debt and has only consented for conveying such property in favour of creditor on express terms, then the creditor, in our considered opinion, will be bound by these express terms irrespective whether the creditor is a Bank/Financial Institution or the private person,” the Court held. It added, “Since the permission of conveyance of leasehold right in favour of Bank is granted with express terms and conditions, it is reiterated that the Bank if they desire for execution of lease deed are bound to pay the arrears of rent.” Case Title: Bank of Baroda v. State of Madhya Pradesh & Ors. Click Here To Download Order Read OrderSubscribe to LiveLaw, enjoy Ad free version and other unlimited features, just INR 599 Click here to Subscribe. All payment options available.loading….Next Storylast_img read more

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Sherlyn Chopra Moves Bombay High Court Seeking Anticipatory Bail In Obscenity Case Over Adult Content

first_imgNews UpdatesSherlyn Chopra Moves Bombay High Court Seeking Anticipatory Bail In Obscenity Case Over Adult Content Sharmeen Hakim18 Feb 2021 9:39 AMShare This – xActor Sherlyn Chopra, charged with obscenity for publishing ‘adult content’ on free pornographic websites has approached the Bombay High Court seeking anticipatory bail. The application claims the content was meant for a subscription-based international portal and she is, in fact, a victim of piracy. “It is highly incompetent to expect a self-made woman to produce adult content for…Your free access to Live Law has expiredTo read the article, get a premium account.Your Subscription Supports Independent JournalismSubscription starts from ₹ 599+GST (For 6 Months)View PlansPremium account gives you:Unlimited access to Live Law Archives, Weekly/Monthly Digest, Exclusive Notifications, Comments.Reading experience of Ad Free Version, Petition Copies, Judgement/Order Copies.Subscribe NowAlready a subscriber?LoginActor Sherlyn Chopra, charged with obscenity for publishing ‘adult content’ on free pornographic websites has approached the Bombay High Court seeking anticipatory bail. The application claims the content was meant for a subscription-based international portal and she is, in fact, a victim of piracy. “It is highly incompetent to expect a self-made woman to produce adult content for a select group of international subscribers and then publish the same content on free porn websites and other portals so as to make it easily and freely available for mass viewing,” Chopra, whose anticipatory bail was earlier rejected by a Sessions court, has said. Justice PD Naik has now posted the case for a hearing on Monday, after the prosecution made a statement that no coercive action would be taken against her till then. In his complaint, 67-year-old Madhukar Keni, a retired Customs and Central Excise officer approached the Cyber police, on October 31, 2020, with a pen drive and complaint against several adult content platforms. He alleged that when Chopra’s name was entered on a search engine, her obscene videos came on screen. Chopra was booked with 22 others by the Nodal Cyber Police in Cuffe Parade, Mumbai under sections 292 (obscenity), section 67 and 67A (transmitting sexually explicit material), of the Information Technology Act, 2008 and sections of the Indecent Representation of Women (Protection) Act, 1986, on November 6, 2020. In her anticipatory bail application, filed through advocate Charanjeet Chanderpal, Chopra has described herself as a business woman and an artiste. “The applicant is a self-made producer-actor and content creator who is in the business of creating a) films, short films, web-series for the Indian market and b) adult content for the international market via a subscription based global website, namely, onlyfans.com.” Chopra has said that she was never approached by the police to record her statement and in the current situation she is not an accused but a victim. Chopra says that she is a director in two companies and also creates content for another adult broadcasting company’s website. According to an article in the New York Times, the website has put adult entertainment in the hands of its entertainers or sex workers. “Call it the paywall of porn,” the article says. In her application, Chopra has said that the freely available porn site content being referred to in the FIR is all pirated, a violation of copyrights. She is only a content provider to the original platform. “The content provider provides it to the company which, in turn, under an agreement, provides its viewing to paid viewers. The infringers who have stolen these contents from the companies, provide the same freely on porn sites,” the application reads, adding, “no content provider directly or freely distributes.” Claiming to have made several complaints regarding infringers, Chopra says that the Cyber police as well as the complainant have ignored the piracy nexus. Alleging haste on the part of the police, Chopra says she was not given the “benefit of the doubt” by way of a “preliminary enquiry in a case which reeks of high level of piracy and copyright infringement.” Chopra says she has faced relentless harassment by infringers who download content from the subscription-based websites, remove the watermark and make the videos freely available. In her application, she also says she has been waiting to reveal the activities of “online miscreants,” also complaining about the biased attitude of Cyber police ever since the complaint was lodged against her. Chopra’s application adds that the complainant has not understood who the real offender is here. “The law in this regard requires a correction, why does not the law come down heavily on the one who view such content.” Next Storylast_img read more

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Nutrixo offers to purchase Premier firms

first_imgPremier Foods has confirmed it has received an offer for its Le Pain Croustillant and Sofrapain businesses from French company Nutrixo, parent of Moul-Bie and Délifrance UK. Nutrixo is partly owned by farming co-operatives and partly by its own employees.The offer is “for a cash consideration of approximately £8m on a cash-free and debt-free basis”, and has been accepted in prin-ciple. Premier has “started con- sultations with employees and their representatives,” regarding the proposed deal.The success of Hovis’ relaunch has driven sales and market share and Premier expects sales in 2008 to be approximately 13% up on 2007. It also expects a 9% rise in group sales for the year to 31 December 2008, compared to the same 2007 period.last_img read more

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North Bellmore Woman Admits Killing Ex-husband

first_imgSign up for our COVID-19 newsletter to stay up-to-date on the latest coronavirus news throughout New York Nancy BolandA North Bellmore woman has admitted to stabbing her ex-husband to death and dumping his body on the side of a road following an argument in 2011.Nancy Boland pleaded guilty Tuesday at Nassau County court to first-degree manslaughter, criminal contempt, tampering with physical evidence and criminal possession of a weaponProsecutors said the 57-year-old woman and her ex-husband, Walter Boland, with whom she still lived on Waltoffer Avenue, got into an argument on Nov. 16, 2011. The fight escalated when she claimed that he threatened her with a sharp-bladed instrument.“Nancy Boland said that she grabbed it out his hand and stabbed him with it once in the abdomen, driving it upward and four inches deep,” the district attorney’s office said in a news release.The victim, who had a valid order of protection against his ex-wife, refused to be taken to the hospital, according to Nancy Boland’s statement to police.She left him at home to go to work the following day but when she returned home, she found her ex-husband unresponsive. Once she concluded that he was dead, she dragged his body to her mother’s car and dumped his body on the Wantagh State Parkway bike path north of Sunrise Highway.Nancy Boland had told family, friends and co-workers that he had left after the fight and hadn’t returned.  A jogger found the body the morning of Nov. 18, 2011.Nancy Boland is expected to be sentenced March 13 to seven years in prison.last_img read more

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Claudio Ranieri wants his Leicester side to remain on their guard

first_img Press Association The Foxes have shocked the Barclays Premier League this season and could go top if they win at Newcastle on Saturday. If Arsenal also drop points at West Brom, victory will take Leicester top before current leaders Manchester City face Liverpool in the late kick-off. They are third, just a point behind City, but are set to face them, Manchester United, Liverpool and Chelsea before the end of the year a nd Ranieri is wary before they reach his pre-season target of 40 points. “We know every match is a trap,” he said. “I know there will be some matches when we don’t take a point but maybe the next we’ll take a point. We are looking for 15 points and we are fighting for these 15 points. After, maybe we can change our minds. “I want to understand this team. We have played 12 matches and after January we can speak more clearly about Leicester.” Jamie Vardy will equal Ruud van Nistelrooy’s Barclays Premier League record if he recovers from a hip injury to score in a 10th straight game, with Van Nistelrooy having set the record while at Manchester United in 2003. Vardy broke into the England squad in the summer and Ranieri wants Danny Drinkwater and Marc Albrighton to follow him. Manchester United rookie Jesse Lingard and Tottenham’s Ryan Mason were squad replacements for Tuesday’s win over France after Vardy, Michael Carrick and Fabian Delph dropped out injured. Mason has started just four league matches compared to Lingard’s one while midfielders Drinkwater and Albrighton have played in every Foxes game a nd Ranieri wants the pair to get recognition. “I hope so because if these two players like Drinkwater and Albrighton can follow him (Vardy) it means Leicester are at the top,” he added. center_img Boss Claudio Ranieri has warned Leicester they could be walking into a trap ahead of their games with the big boys.last_img read more

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Zack Mahoney’s 3 2nd-half touchdowns not enough for comeback against LSU

first_img Published on September 26, 2015 at 6:38 pm Contact Matt: [email protected] | @matt_schneidman Facebook Twitter Google+ Tim Lester threatened to take Zack Mahoney out of the game if he didn’t start having fun.The sophomore fluttered passes to the turf well short of his targets. He struggled to string together completions. Syracuse failed to get a first down until the middle of the second quarter.Earlier in the week, in front of a small group of reporters, Mahoney said he had no nerves before facing No. 8 Louisiana State. But when he trotted out under center in front of over 40,000 fans, it was different.“Those nerves kind of messed up my motion a little bit,” Mahoney said. “… and I kind of reverted back to old habits where I was not nearly as consistent as I should be.”Mahoney’s first half: 5-of-13 for 35 yards and no rushing yards. His second 30 minutes: 11-of-25 for 119 yards, three touchdowns and 40 yards on the ground. In the end, it wasn’t enough to dig Syracuse (3-1, 1-0 Atlantic Coast) out of a hole he helped put them in. But in a 34-24 loss to the Tigers (3-0, 2-0 Southeastern) on Saturday in the Carrier Dome, the walk-on’s starting debut was capped off with reason for optimism after a tumultuous start.AdvertisementThis is placeholder text“All in all I’ve been pleased with his progress including the second half today,” head coach Scott Shafer said. “He threw for three touchdowns … that’s not too damn bad for a young man that we were just figuring out his name here a few months ago.”On the fourth play of the game, Mahoney scrambled within the pocket and was sacked from behind. The ball spurted out of his hands and to the turf — it was picked up by SU’s Nick Robinson — and Riley Dixon trotted out to punt.Inconsistency reaching his targets plagued SU early, with Mahoney often short-arming receivers who flanked out to the sides. On passes down the middle, he’d throw well in front, leaving the ball bouncing on the turf in front of an oncoming LSU defensive back.The Tigers weren’t doing much better — aside from Leonard Fournette being Leonard Fournette — but Mahoney couldn’t capitalize and the first four drives resulted in no first downs.“I missed a lot of open throws,” Mahoney said. “… and I just wish I could get those back.”The first time Mahoney aired it out down the middle, after two and a half quarters of mostly handoffs and short out routes, Brisly Estime hauled in a 40-yard touchdown pass. That brought Syracuse within seven.Then two drives later, Mahoney found Ben Lewis for a 2-yard score, bringing the Orange within a touchdown again. Gone were the runs up the gut and short passes slowed down by an offense that trailed by single digits. In its place was a pass-happy walk-on who was in the game in the first place because of his mobility.“Hopefully next game we incorporate a lot more passes so we can get in a rhythm a lot earlier,” wide receiver Steve Ishmael said.The nail in the coffin came when Mahoney had his pass tipped and intercepted by LSU linebacker Deion Jones. Syracuse trailed by 14 and gave the Tigers the ball with 26 yards to the end zone. The drive finished with a field goal and Syracuse couldn’t scratch back to within single digits.On the last drive, Mahoney completed five passes and ran for 26 yards. The game was already decided, but he flashed his potential.After talks throughout the game with Terrel Hunt and quarterbacks graduate assistant Joe Furco, Mahoney loosened up. It’s what allowed him to get back to what earned him the starter’s job, even if it came too late.“I feel like I played OK,” Mahoney said. “Not nearly as well as I can and should.” Commentslast_img read more

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