https://www.taxtmi.com/caselaws?id=368135 After registration of security interest, a secured creditor's debt has statutory priority over other debts and over revenues, taxes, cesses and similar dues under Section 26-E of the SARFAESI Act, 2002. Where the mortgaged property was already encumbered in favour of the bank, a proposed auction under Section 147(C) of the Madhya Pradesh Land Revenue Code, 1959 could not displace that priority. The State's recovery action was therefore inconsistent with the statutory priority regime, and the impugned auction notice was unsustainable. en-us Mon, 10 Sep 2018 00:00:00 +0530 Wed, 03 Oct 2018 08:20:45 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=368135 After registration of security interest, a secured creditor's debt has statutory priority over other debts and over revenues, taxes, cesses and similar dues under Section 26-E of the SARFAESI Act, 2002. Where the mortgaged property was already encumbered in favour of the bank, a proposed auction under Section 147(C) of the Madhya Pradesh Land Revenue Code, 1959 could not displace that priority. The State's recovery action was therefore inconsistent with the statutory priority regime, and the impugned auction notice was unsustainable. Case-Laws Indian Laws Mon, 10 Sep 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=368135