First charge on property secures government tax, interest, and penalty claims despite other laws except insolvency law. Tax obligations, including tax, interest and penalty payable to the Government, constitute a first charge on the property of the taxable person or other ... Summary
First charge on property secures government tax, interest, and penalty claims despite other laws except insolvency law.
Tax obligations, including tax, interest and penalty payable to the Government, constitute a first charge on the property of the taxable person or other liable person, prevailing over other laws except as otherwise provided under the Insolvency and Bankruptcy Code.
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