https://www.taxtmi.com/caselaws?id=190970 Provident fund dues under the Employees' Provident Funds and Miscellaneous Provisions Act, 1952 were treated as a statutory first charge on the establishment's assets and given priority over other debts, notwithstanding contrary provisions in other laws. That later and specific legislative protection for workers' social security dues was held to override the State Financial Corporations Act, 1951 and the corporation's prior mortgage security. Reliance on transferee-for-value arguments and Income Tax Act provisions was rejected because they did not create a comparable substantive priority. The recovery notices and prohibitory orders for realisation of provident fund dues were therefore valid. en-us Wed, 12 Jun 2002 00:00:00 +0530 Tue, 14 Mar 2017 15:58:53 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=190970 Provident fund dues under the Employees' Provident Funds and Miscellaneous Provisions Act, 1952 were treated as a statutory first charge on the establishment's assets and given priority over other debts, notwithstanding contrary provisions in other laws. That later and specific legislative protection for workers' social security dues was held to override the State Financial Corporations Act, 1951 and the corporation's prior mortgage security. Reliance on transferee-for-value arguments and Income Tax Act provisions was rejected because they did not create a comparable substantive priority. The recovery notices and prohibitory orders for realisation of provident fund dues were therefore valid. Case-Laws Indian Laws Wed, 12 Jun 2002 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=190970