Interactive flat panels meeting automatic data processing conditions are distinguished from monitors, while later classification clarifications apply ...
Statutory transfer formalities invalidated alleged share and property transfers, while retrospective record manipulation constituted oppression and mi...
Provisional attachment of laundered funds and equivalent-value property sustained, with statutory protection limited to pension, gratuity and providen...
The Bombay High Court ruled on the priority of secured creditors u/s 26-E of the SARFAESI Act, 2002 over State Tax Authorities' claims. Section 26-E grants priority to secured creditors whose security interest is registered with CERSAI before any other registration. In the case, the Petitioner bank registered its charge prior to State Tax Authorities' attachment order. Previous judgments support the priority of secured creditors in such cases. The Court held that State Tax Authorities must seek satisfaction from sale proceeds, not the asset sold under SARFAESI Act. The petition was allowed.
The Bombay High Court ruled on the priority of secured creditors u/s 26-E of the SARFAESI Act, 2002 over State Tax Authorities' claims. Section 26-E grants priority to secured creditors whose security interest is registered with CERSAI before any other registration. In the case, the Petitioner bank registered its charge prior to State Tax Authorities' attachment order. Previous judgments support the priority of secured creditors in such cases. The Court held that State Tax Authorities must seek satisfaction from sale proceeds, not the asset sold under SARFAESI Act. The petition was allowed.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 4805
Join Channel
TaxTMI 
