https://www.taxtmi.com/caselaws?id=290546 A statutory first charge under State tax laws yields to the later parliamentary scheme under SARFAESI and the RDB Act, which gives secured creditors priority in realisation of secured debts over other dues, including taxes. The text explains that a tax charge is only a right to payment from property and does not displace that statutory priority. It also states that the Revenue cannot insist on a prior revenue-recovery sale as a condition for losing its charge, and that section 37 of SARFAESI does not preserve a conflicting State recovery mechanism against sections 26E and 31B. The Revenue is limited to any surplus after satisfaction of the secured debt. en-us Tue, 30 Jul 2019 00:00:00 +0530 Thu, 14 Nov 2024 10:55:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=290546 A statutory first charge under State tax laws yields to the later parliamentary scheme under SARFAESI and the RDB Act, which gives secured creditors priority in realisation of secured debts over other dues, including taxes. The text explains that a tax charge is only a right to payment from property and does not displace that statutory priority. It also states that the Revenue cannot insist on a prior revenue-recovery sale as a condition for losing its charge, and that section 37 of SARFAESI does not preserve a conflicting State recovery mechanism against sections 26E and 31B. The Revenue is limited to any surplus after satisfaction of the secured debt. Case-Laws VAT / Sales Tax Tue, 30 Jul 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=290546