https://www.taxtmi.com/caselaws?id=274233 Sections 26C and 26E of the SARFAESI Act confer statutory priority on a registered security interest, requiring secured debts to be paid ahead of other debts, including taxes, cesses and other public dues. On the facts, the secured asset continued in the name of the borrower and guarantors, so the Court held that no issue of prospective or retrospective operation arose. Once the security interest was registered, the secured creditor's claim prevailed over the Commercial Taxes Department's recovery demand, and the tax demand was held illegal and unenforceable. en-us Tue, 31 Oct 2017 00:00:00 +0530 Fri, 03 Aug 2018 07:56:23 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=274233 Sections 26C and 26E of the SARFAESI Act confer statutory priority on a registered security interest, requiring secured debts to be paid ahead of other debts, including taxes, cesses and other public dues. On the facts, the secured asset continued in the name of the borrower and guarantors, so the Court held that no issue of prospective or retrospective operation arose. Once the security interest was registered, the secured creditor's claim prevailed over the Commercial Taxes Department's recovery demand, and the tax demand was held illegal and unenforceable. Case-Laws VAT and Sales Tax Tue, 31 Oct 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=274233