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The HC held that the petitioner bank, being a secured creditor whose security interest was registered with CERSAI prior to the State Tax Department's attachment order, will have priority charge over the secured assets sold under SARFAESI Act. Despite the Tax Department's earlier attachment order, without further steps like proclamation of sale, it cannot claim priority over the secured creditor's dues when the bank's security interest was registered earlier with CERSAI. The petition was disposed of in favor of the bank.
The HC held that the petitioner bank, being a secured creditor whose security interest was registered with CERSAI prior to the State Tax Department's attachment order, will have priority charge over the secured assets sold under SARFAESI Act. Despite the Tax Department's earlier attachment order, without further steps like proclamation of sale, it cannot claim priority over the secured creditor's dues when the bank's security interest was registered earlier with CERSAI. The petition was disposed of in favor of the bank.
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