https://www.taxtmi.com/caselaws?id=401894 A secured creditor's mortgage and security interest were described as having priority over the State's VAT recovery claim because Central legislation gave secured creditors a superior charge through overriding non obstante provisions, while the Maharashtra VAT Act made the State's first charge subject to any Central first charge. The text further notes that objections based on alleged non-registration of the security interest and the prospective operation of Section 26-E did not displace that priority, as Section 31-B of the Recovery of Debts and Bankruptcy Act independently protected the secured creditor's claim. The stated effect is that tax attachment could not prevail against the prior mortgage. en-us Thu, 17 Dec 2020 00:00:00 +0530 Fri, 18 Jun 2021 10:56:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=401894 A secured creditor's mortgage and security interest were described as having priority over the State's VAT recovery claim because Central legislation gave secured creditors a superior charge through overriding non obstante provisions, while the Maharashtra VAT Act made the State's first charge subject to any Central first charge. The text further notes that objections based on alleged non-registration of the security interest and the prospective operation of Section 26-E did not displace that priority, as Section 31-B of the Recovery of Debts and Bankruptcy Act independently protected the secured creditor's claim. The stated effect is that tax attachment could not prevail against the prior mortgage. Case-Laws VAT and Sales Tax Thu, 17 Dec 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=401894