https://www.taxtmi.com/caselaws?id=346805 A secured creditor's mortgage, created before the attachment entry, had priority under Section 26E of the SARFAESI Act once the security interest was registered. The Madras HC followed the Full Bench view on the pari materia Section 31B of the RDDBFI Act and held that the amendment applied to pending proceedings as well. As a result, the State's claim to a prior statutory charge for sales tax dues under the Tamil Nadu VAT Act could not prevail over the bank's rights in the mortgaged properties and sale proceeds. The attachment entry was therefore liable to be lifted, and priority vested in the secured creditor. en-us Thu, 22 Dec 2016 00:00:00 +0530 Thu, 24 Aug 2017 13:16:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=346805 A secured creditor's mortgage, created before the attachment entry, had priority under Section 26E of the SARFAESI Act once the security interest was registered. The Madras HC followed the Full Bench view on the pari materia Section 31B of the RDDBFI Act and held that the amendment applied to pending proceedings as well. As a result, the State's claim to a prior statutory charge for sales tax dues under the Tamil Nadu VAT Act could not prevail over the bank's rights in the mortgaged properties and sale proceeds. The attachment entry was therefore liable to be lifted, and priority vested in the secured creditor. Case-Laws VAT and Sales Tax Thu, 22 Dec 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=346805