Transfer-pricing aggregation of distinct support-service and subcontract transactions was rejected, while debt-free receivables attracted no notional ...
Customs exemptions cover photovoltaic assembly machinery and PVF backsheets, while fully declared cleared imports may avoid confiscation and penalties...
Specific tariff classification for LCD devices overrides treatment as electricity-meter parts, defeating differential duty, extended limitation, and p...
Stayed disciplinary punishment does not establish unfitness for insolvency professional registration; reconsideration must disregard mere pendency of ...
Indirect corporate control can create related-party status, excluding financial creditors from Committee of Creditors representation, participation an...
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SC held that statutory "first charge" created under S.11(2) EPF&MP Act over the assets of an establishment for provident fund dues prevails over the priority granted to secured creditors under Ss.26E, 35 and 13 of the SARFAESI Act. While SARFAESI is later in time and contains a non-obstante clause, the Court ruled that mere priority cannot override a legislatively created first charge. The secured creditor (appellant-bank) is permitted to proceed with auction of the secured assets; however, from the sale proceeds, provident fund dues must be discharged first, followed by the bank's secured debt. Workmen are granted liberty to approach the competent authority under the MRTU & PULP Act for determination of their dues, to be considered without reference to earlier delay. The impugned judgment is set aside and the appeal is allowed.
SC held that statutory "first charge" created under S.11(2) EPF&MP Act over the assets of an establishment for provident fund dues prevails over the priority granted to secured creditors under Ss.26E, 35 and 13 of the SARFAESI Act. While SARFAESI is later in time and contains a non-obstante clause, the Court ruled that mere priority cannot override a legislatively created first charge. The secured creditor (appellant-bank) is permitted to proceed with auction of the secured assets; however, from the sale proceeds, provident fund dues must be discharged first, followed by the bank's secured debt. Workmen are granted liberty to approach the competent authority under the MRTU & PULP Act for determination of their dues, to be considered without reference to earlier delay. The impugned judgment is set aside and the appeal is allowed.
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