https://www.taxtmi.com/caselaws?id=298572 Section 26E of SARFAESI gives a secured creditor priority over other debts once the security interest is registered, and Section 37 of the Maharashtra VAT Act creates a first charge for tax dues but expressly yields to any Central law creating a first charge. Read together, the Central statutory priority prevails and the State's charge must rank behind the secured debt. The secured creditor is therefore entitled to the sale proceeds of the secured assets in priority to VAT dues, with any surplus payable to the State. en-us Wed, 13 Nov 2019 00:00:00 +0530 Wed, 10 Nov 2021 07:02:33 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=298572 Section 26E of SARFAESI gives a secured creditor priority over other debts once the security interest is registered, and Section 37 of the Maharashtra VAT Act creates a first charge for tax dues but expressly yields to any Central law creating a first charge. Read together, the Central statutory priority prevails and the State's charge must rank behind the secured debt. The secured creditor is therefore entitled to the sale proceeds of the secured assets in priority to VAT dues, with any surplus payable to the State. Case-Laws VAT and Sales Tax Wed, 13 Nov 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=298572