https://www.taxtmi.com/caselaws?id=202652 A secured debt, or a debt given first charge by statute, prevails over an unsecured crown debt, so the revenue's claim to priority over the bank's dues could not displace the certificate-holder's preferential claim. The Court followed the Supreme Court's ruling in Sicom to hold that the objection to the bank's priority was not sustainable. On the contempt issue, the direction was treated as personal to the concerned officer, and the petitioners, not being directly aggrieved, could not challenge it on that basis. The challenge to initiation of contempt proceedings was therefore rejected, and the petition was dismissed. en-us Thu, 12 Aug 2010 00:00:00 +0530 Thu, 27 Jan 2011 13:06:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=202652 A secured debt, or a debt given first charge by statute, prevails over an unsecured crown debt, so the revenue's claim to priority over the bank's dues could not displace the certificate-holder's preferential claim. The Court followed the Supreme Court's ruling in Sicom to hold that the objection to the bank's priority was not sustainable. On the contempt issue, the direction was treated as personal to the concerned officer, and the petitioners, not being directly aggrieved, could not challenge it on that basis. The challenge to initiation of contempt proceedings was therefore rejected, and the petition was dismissed. Case-Laws Central Excise Thu, 12 Aug 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=202652