https://www.taxtmi.com/caselaws?id=345395 The statutory insertion of Section 31B gives secured creditors priority to realise secured debts from mortgaged assets over all other debts, including Government dues such as sales tax arrears, by virtue of its non obstante clause. That priority was treated as applicable even to pending matters, and inconsistent attachment of the secured property could not be sustained. The revenue authorities were left free to pursue other recovery remedies available under the sales tax law, but not against the mortgaged asset in derogation of the secured creditor's priority. en-us Tue, 04 Jul 2017 00:00:00 +0530 Mon, 17 Jul 2017 09:49:17 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=345395 The statutory insertion of Section 31B gives secured creditors priority to realise secured debts from mortgaged assets over all other debts, including Government dues such as sales tax arrears, by virtue of its non obstante clause. That priority was treated as applicable even to pending matters, and inconsistent attachment of the secured property could not be sustained. The revenue authorities were left free to pursue other recovery remedies available under the sales tax law, but not against the mortgaged asset in derogation of the secured creditor's priority. Case-Laws VAT and Sales Tax Tue, 04 Jul 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=345395