https://www.taxtmi.com/caselaws?id=104087 The court held that tax liabilities do not have preference over secured creditors' claims. Section 529A of the Companies Act prevails over Section 178 of the Income-tax Act, ensuring secured creditors and workers' rights take precedence over tax dues. The court granted relief for expenses incurred for the sale of securities with interest and allowed the applicants to reapply for further reliefs after seeking condonation of delay. The objections by the official liquidator were rejected, affirming the priority of secured creditors and workers' claims over tax authorities. en-us Fri, 05 Feb 1999 00:00:00 +0530 Thu, 12 Jan 2017 14:16:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=104087 The court held that tax liabilities do not have preference over secured creditors' claims. Section 529A of the Companies Act prevails over Section 178 of the Income-tax Act, ensuring secured creditors and workers' rights take precedence over tax dues. The court granted relief for expenses incurred for the sale of securities with interest and allowed the applicants to reapply for further reliefs after seeking condonation of delay. The objections by the official liquidator were rejected, affirming the priority of secured creditors and workers' claims over tax authorities. Case-Laws Companies Law Fri, 05 Feb 1999 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=104087