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HC, under Article 226, dismissed the petition and held that a registered secured creditor pursuant to SARFAESI has statutory priority over State tax claims in realization of secured assets, subject to compliance with statutory conditions. The State revenue department, having failed to register its charge with CERSAI, cannot claim a first charge on the secured asset. The secured creditor is entitled to satisfaction of its debt from sale proceeds; any surplus realized over the secured debt must be paid to the State revenue department, and details of amounts realized are to be communicated to the department. Petition disposed of.
HC, under Article 226, dismissed the petition and held that a registered secured creditor pursuant to SARFAESI has statutory priority over State tax claims in realization of secured assets, subject to compliance with statutory conditions. The State revenue department, having failed to register its charge with CERSAI, cannot claim a first charge on the secured asset. The secured creditor is entitled to satisfaction of its debt from sale proceeds; any surplus realized over the secured debt must be paid to the State revenue department, and details of amounts realized are to be communicated to the department. Petition disposed of.
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