https://www.taxtmi.com/caselaws?id=416280 Section 26-E of the SARFAESI Act gives a secured creditor statutory priority over other debts and government dues once the security interest is registered with the Central Registry, and that priority operates notwithstanding other laws. Section 37 of the MVAT Act creates a first charge for tax dues, but it is expressly subject to any Central Act creating a first charge. On a harmonious reading, the State's tax charge cannot override the secured creditor's priority where the attachment over the mortgaged secured assets was made after Section 26-E came into force. The attachment and revenue charge over the secured assets were therefore not sustainable, and the bank's right to proceed against those assets was upheld. en-us Fri, 17 Dec 2021 00:00:00 +0530 Fri, 24 Dec 2021 13:26:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=416280 Section 26-E of the SARFAESI Act gives a secured creditor statutory priority over other debts and government dues once the security interest is registered with the Central Registry, and that priority operates notwithstanding other laws. Section 37 of the MVAT Act creates a first charge for tax dues, but it is expressly subject to any Central Act creating a first charge. On a harmonious reading, the State's tax charge cannot override the secured creditor's priority where the attachment over the mortgaged secured assets was made after Section 26-E came into force. The attachment and revenue charge over the secured assets were therefore not sustainable, and the bank's right to proceed against those assets was upheld. Case-Laws VAT and Sales Tax Fri, 17 Dec 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=416280