https://www.taxtmi.com/caselaws?id=110084 A secured creditor enforcing its security under the State Financial Corporations Act was treated as having priority over ordinary government dues in respect of mortgaged and hypothecated assets, so the crown debt principle did not defeat that claim. That priority did not extend to imported goods that had been conditionally exempted from customs duty; on breach of the import conditions, the Customs Department could recover duty from the identified goods and their successor. The State Financial Corporations Act and the Customs Act were treated as special statutes operating in different fields, and section 46-B did not displace customs recovery on these facts. en-us Tue, 07 Jun 2005 00:00:00 +0530 Fri, 13 Apr 2012 16:40:48 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=110084 A secured creditor enforcing its security under the State Financial Corporations Act was treated as having priority over ordinary government dues in respect of mortgaged and hypothecated assets, so the crown debt principle did not defeat that claim. That priority did not extend to imported goods that had been conditionally exempted from customs duty; on breach of the import conditions, the Customs Department could recover duty from the identified goods and their successor. The State Financial Corporations Act and the Customs Act were treated as special statutes operating in different fields, and section 46-B did not displace customs recovery on these facts. Case-Laws Companies Law Tue, 07 Jun 2005 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=110084