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of <h1>Section 12 of the Banning of Unregulated Deposit Schemes Act prioritizes depositor dues over other debts and taxes.</h1> Section 12 of the Banning of Unregulated Deposit Schemes Act, 2019, mandates that amounts due to depositors from a deposit taker are to be prioritized over all other debts, revenues, taxes, cesses, and other rates owed to the government or local authorities. This prioritization holds unless specified otherwise by the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002, or the Insolvency and Bankruptcy Code, 2016.
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