Central excise dues prevails on sarfaesi
vikram singh
(Querist) 28 January 2013
This query is : Resolved
MY QUIREY IS WHETHER CENTRAL EXCISE DUES PREVAILS ON SARFAESI.
ACTUALLY IAM A BANKER WE HAVE TAKEN POSSESSION OF PROPERTY OF AN NPA ACCOUNT.NOW WE RECEIVED A LETTER FROM CENTRAL EXCISE DEPT. INFORMING THAT THE ASSESSEE HAD SOME DUES TO THEM AND THEY HAD FIRST CHARGE ON THE ASSETS.THEY HAVE ALSO QUOTED SECTION 11 E OF THE SAID ACT.PLEASE LET ME KNOW WHETHER WE SHOULD OBLIZE AND PAY THE DUES OR WE CAN INFORM THEM TO GO TO COURT AND OBTAIN ORDER. IT S VERY URGENT.
THANKS IN ADVANCE.
Raj Kumar Makkad
(Expert) 28 January 2013
Section 11E is very clear vide which you shal have to return the dues of Excise department first and then shall have to account for the balance amount out of sale of the auctioned property.
R.K Nanda
(Expert) 29 January 2013
yes, u have to pay said dues.
