https://www.taxtmi.com/caselaws?id=104090 The court held that the claims of secured creditors take precedence over tax liabilities, as tax dues do not have priority over secured creditors. Section 529A of the Companies Act prevails over Section 178 of the Income-tax Act, giving priority to workers' dues and secured creditors. The court granted relief by allowing the applicants to apply for condonation of delay and re-apply for reliefs. Prayer (a) in Company Application No. 116 of 1998 was granted with interest at 11 percent per annum, with parties bearing their own costs. en-us Fri, 05 Feb 1999 00:00:00 +0530 Mon, 27 Feb 2012 15:57:45 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=104090 The court held that the claims of secured creditors take precedence over tax liabilities, as tax dues do not have priority over secured creditors. Section 529A of the Companies Act prevails over Section 178 of the Income-tax Act, giving priority to workers' dues and secured creditors. The court granted relief by allowing the applicants to apply for condonation of delay and re-apply for reliefs. Prayer (a) in Company Application No. 116 of 1998 was granted with interest at 11 percent per annum, with parties bearing their own costs. Case-Laws Companies Law Fri, 05 Feb 1999 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=104090