https://www.taxtmi.com/caselaws?id=165339 Statutory tax arrears claimed by the State do not prevail over a bank's secured interest in secured assets under the SARFAESI framework. The governing principle applied is that, although the State may ordinarily assert priority for tax dues, that priority does not displace the rights of a secured creditor where the property is a secured asset and the debt is secured. On that basis, the State's first-charge claim was rejected and the secured creditor's claim to the attached property was held to prevail. en-us Thu, 17 Dec 2009 00:00:00 +0530 Tue, 01 Jul 2014 13:06:57 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=165339 Statutory tax arrears claimed by the State do not prevail over a bank's secured interest in secured assets under the SARFAESI framework. The governing principle applied is that, although the State may ordinarily assert priority for tax dues, that priority does not displace the rights of a secured creditor where the property is a secured asset and the debt is secured. On that basis, the State's first-charge claim was rejected and the secured creditor's claim to the attached property was held to prevail. Case-Laws VAT and Sales Tax Thu, 17 Dec 2009 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=165339