First charge on property for excise dues created, subject to specified statutory recovery exceptions and priority rules. Creates a statutory priority by making any duty, penalty, interest or other sum payable under the Central Excise Act a first charge on the assessee's ... Summary
First charge on property for excise dues created, subject to specified statutory recovery exceptions and priority rules.
Creates a statutory priority by making any duty, penalty, interest or other sum payable under the Central Excise Act a first charge on the assessee's property, subject to specified exceptions preserving recoveries under the Companies Act recovery provision and the statutory regimes for recovery of bank and financial institution debts and for securitisation and enforcement of security interests.
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