ICICI BANK LTD. Vs. STATE AND ORS.

JUDGEMENT

(1.) - This writ petition has been filed by ICICI Bank Ltd. against the auction notice dated 4.2.2011.

(2.) Shri Ajeet Bhandari, learned counsel for the petitioner has argued that the petitioner-bank advanced loan for purchase of 25 low floor buses to M/s. Speedways Carriers Private Limited in the year 2006. There is one more low floor Tata Volvo Bus on which loan was advanced to M/s. Standard Logistic Enterprises, which was seized and taken possession of by the petitioner-bank under the order of Debt Recovery Tribunal, New Delhi. M/s. Speedways Carriers Pvt. Ltd. committed default in payment of the installments and therefore 25 buses were also taken possession of by the bank on 25, 26 and 27th February, 2010. It is contended that the registration certificate of the vehicle was surrendered by the original registered owner of the buses to the Regional Transport Officer, Jaipur.

(3.) Shri Ajeet Bhandari, learned counsel for petitioner in this connection invited attention of the Court towards the receipt of surrender fee deposited on 20.2.2010. Learned counsel cited the provisions of Section 4 of the Rajasthan Motor Vehicles Taxation Act, 1951 (for short-Act of 1951) and argued that according to sub-section (2) thereof, the tax would not be liable to be paid for the period the owner surrenders the registration certificate to the Taxation Officer and the vehicle has remained out of use for such reasons as may be prescribed or satisfies the taxation officer that vehicle has not been used due to (i) that the motor vehicle was restrained from plying by the competent court or authority, (ii) that the motor vehicle was involved in an accident and a report to this effect was made to the police and because of accident it remained out of use, (iii) that it was attached for the recovery of tax under the Rajasthan Land Revenue Act, 1956 by the competent authority or attached under the warrant of attachment issued by the competent authority or court. Learned counsel submitted that no notice prior to making assessment of tax was served upon the registered owner or even petitioner and now the bank has taken possession of the vehicles and which are lying in their yard.