https://www.taxtmi.com/caselaws?id=369003 Section 31B gives statutory priority to a secured creditor's right to realise secured debt over other debts and Government dues. Where the bank had already created and enforced its security interest before the excise charge was entered, and the property was sold in a bank auction, the later departmental charge could not defeat the auction purchaser's title. Applying the Full Bench view on priority of secured creditors, the Court treated the Central Excise Department's charge as unsustainable and directed its removal in favour of the purchaser. en-us Mon, 01 Oct 2018 00:00:00 +0530 Wed, 17 Oct 2018 14:13:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=369003 Section 31B gives statutory priority to a secured creditor's right to realise secured debt over other debts and Government dues. Where the bank had already created and enforced its security interest before the excise charge was entered, and the property was sold in a bank auction, the later departmental charge could not defeat the auction purchaser's title. Applying the Full Bench view on priority of secured creditors, the Court treated the Central Excise Department's charge as unsustainable and directed its removal in favour of the purchaser. Case-Laws Central Excise Mon, 01 Oct 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=369003