https://www.taxtmi.com/caselaws?id=175905 Crown debt priority was held not to override prior secured interests held by banks and financial corporations, because the common-law preference operates against unsecured debts and does not displace a perfected mortgage or other prior security. The excise and customs recovery provisions were also found to be only machinery for recovery as arrears of land revenue, not a source of first charge or statutory preference over secured creditors. In the absence of clear statutory language creating priority in favour of the Government, the secured creditors retained superior rights and the governmental attachment and recovery claim could not prevail. en-us Mon, 04 Dec 2006 00:00:00 +0530 Tue, 08 Dec 2015 16:09:37 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=175905 Crown debt priority was held not to override prior secured interests held by banks and financial corporations, because the common-law preference operates against unsecured debts and does not displace a perfected mortgage or other prior security. The excise and customs recovery provisions were also found to be only machinery for recovery as arrears of land revenue, not a source of first charge or statutory preference over secured creditors. In the absence of clear statutory language creating priority in favour of the Government, the secured creditors retained superior rights and the governmental attachment and recovery claim could not prevail. Case-Laws Central Excise Mon, 04 Dec 2006 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=175905