https://www.taxtmi.com/caselaws?id=411497 A prior security interest created in immovable property was held to have priority over a later governmental recovery claim based on excise dues and confiscation proceedings. The Court treated the original date of creation of the security as decisive and held that the Excise Department could not obstruct the secured creditor's enforcement rights against the property. Any surplus remaining after satisfaction of the Bank's dues could be applied first to the Department's dues and then to the debtor, if anything remained. The secured creditor's right to proceed under the recovery mechanism was therefore upheld. en-us Thu, 12 Aug 2021 00:00:00 +0530 Fri, 22 Oct 2021 13:11:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=411497 A prior security interest created in immovable property was held to have priority over a later governmental recovery claim based on excise dues and confiscation proceedings. The Court treated the original date of creation of the security as decisive and held that the Excise Department could not obstruct the secured creditor's enforcement rights against the property. Any surplus remaining after satisfaction of the Bank's dues could be applied first to the Department's dues and then to the debtor, if anything remained. The secured creditor's right to proceed under the recovery mechanism was therefore upheld. Case-Laws Central Excise Thu, 12 Aug 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=411497