https://www.taxtmi.com/caselaws?id=297346 A secured creditor's claim over mortgaged property was treated as having priority over the State's revenue recovery attachment. The property had been mortgaged to a bank, possession was taken under SARFAESI after the account became non-performing, and the State relied on a statutory first charge for sales tax dues. The Court applied the settled position under Section 26E of the SARFAESI Act and Section 31B of the Recovery of Debts and Bankruptcy Act, holding that banks and financial institutions have priority in recovering their dues notwithstanding any competing revenue charge. The impugned attachment and communications could not be sustained. en-us Tue, 15 Dec 2020 00:00:00 +0530 Sat, 28 Aug 2021 09:20:01 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=297346 A secured creditor's claim over mortgaged property was treated as having priority over the State's revenue recovery attachment. The property had been mortgaged to a bank, possession was taken under SARFAESI after the account became non-performing, and the State relied on a statutory first charge for sales tax dues. The Court applied the settled position under Section 26E of the SARFAESI Act and Section 31B of the Recovery of Debts and Bankruptcy Act, holding that banks and financial institutions have priority in recovering their dues notwithstanding any competing revenue charge. The impugned attachment and communications could not be sustained. Case-Laws Indian Laws Tue, 15 Dec 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=297346