https://www.taxtmi.com/caselaws?id=110322 A secured creditor's claim in company liquidation prevails over the claims of the Income-tax Department and the Sales Tax Department, subject to the statutory priority preserved by section 529A of the Companies Act, 1956. Applying the Supreme Court principle that secured creditors rank ahead of crown debts, the High Court modified the Appellate Tribunal's order to recognise the petitioner's priority over the revenue claims while leaving the liquidation framework under section 529A intact. en-us Fri, 07 Jan 2005 00:00:00 +0530 Mon, 16 Apr 2012 13:00:27 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=110322 A secured creditor's claim in company liquidation prevails over the claims of the Income-tax Department and the Sales Tax Department, subject to the statutory priority preserved by section 529A of the Companies Act, 1956. Applying the Supreme Court principle that secured creditors rank ahead of crown debts, the High Court modified the Appellate Tribunal's order to recognise the petitioner's priority over the revenue claims while leaving the liquidation framework under section 529A intact. Case-Laws Companies Law Fri, 07 Jan 2005 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=110322