Properties cannot be attached indefinitely without subsequent steps to resolve the matter: Delhi HC

Fasttrack Tieup Pvt. Ltd. Vs Union of India & Ors. (Delhi High Court) Delhi High Court held that it is impermissible to keep the properties attached indefinitely. Further, since dues of secured creditor takes precedence over dues of income tax dues, thus attachment order issued by income tax authority cannot be construed to be an impediment to auction sale in favour of petition. Facts- Summit Aviation Private Limited obtained financial assistance from respondent no.3, Punjab National Bank, for the purchase of helicopters. This financial assistance was secured through a hypothecation agreem...