https://www.taxtmi.com/caselaws?id=191226 A statutory first charge under sales tax law prevails over the claim of a secured creditor under the Securitisation Act, because the Securitisation Act does not create a first charge in favour of banks or secured creditors. Section 35 of the Securitisation Act does not override a valid state law creating such priority, including Section 38C of the Bombay Sales Tax Act, which operates on the entire property and takes precedence even over an existing mortgage. The revenue recovery process therefore remains effective notwithstanding the secured creditor's asserted rights, and the auction sale for recovery of sales tax dues was upheld. en-us Thu, 17 Nov 2011 00:00:00 +0530 Sat, 25 Mar 2017 11:10:57 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=191226 A statutory first charge under sales tax law prevails over the claim of a secured creditor under the Securitisation Act, because the Securitisation Act does not create a first charge in favour of banks or secured creditors. Section 35 of the Securitisation Act does not override a valid state law creating such priority, including Section 38C of the Bombay Sales Tax Act, which operates on the entire property and takes precedence even over an existing mortgage. The revenue recovery process therefore remains effective notwithstanding the secured creditor's asserted rights, and the auction sale for recovery of sales tax dues was upheld. Case-Laws VAT and Sales Tax Thu, 17 Nov 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=191226