https://www.taxtmi.com/caselaws?id=414308 A registered security interest under the SARFAESI Act was held to have priority over the State's VAT dues and charge once the secured asset was classified as NPA, SARFAESI proceedings were initiated, and the security interest was entered in the Central Registry. Section 26E was applied to give the secured creditor priority over other debts, including taxes and other State revenues, and Section 35 was noted as giving the Act overriding effect. The State's charge under the VAT Act could not prevail against the bank's prior registered security interest, and priority in the secured properties remained with the bank. en-us Wed, 27 Oct 2021 00:00:00 +0530 Tue, 02 Nov 2021 15:46:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=414308 A registered security interest under the SARFAESI Act was held to have priority over the State's VAT dues and charge once the secured asset was classified as NPA, SARFAESI proceedings were initiated, and the security interest was entered in the Central Registry. Section 26E was applied to give the secured creditor priority over other debts, including taxes and other State revenues, and Section 35 was noted as giving the Act overriding effect. The State's charge under the VAT Act could not prevail against the bank's prior registered security interest, and priority in the secured properties remained with the bank. Case-Laws VAT and Sales Tax Wed, 27 Oct 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=414308