City Union Bank being first charge holder can sale property and settle down its dues: Madras HC

City Union Bank Limited Vs ITO (Madras High Court)

Madras High Court held that City Union Bank Limited being a first charge holder can bring the property for sale and after settling down of all the dues, the remaining sale proceeds of the property can be transferred to second charge holder i.e. income tax department.

Facts- The petitioner bank submits that the third respondent borrowed money from the petitioner bank for which the property of the fifth respondent, who is a guarantor, was provided as security and the Memorandum of Deposit of title deeds dated

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