https://www.taxtmi.com/caselaws?id=302550 Prior to the 2016 amendments, the SARFAESI Act and the Recovery of Debts Act did not confer priority on banks over State tax dues. After insertion of Section 31B in the Recovery of Debts and Bankruptcy Act, 1993, and Section 26E in the SARFAESI Act, secured creditors were given priority over other debts and Government dues, including taxes and cesses. The State's first-charge provision under the Himachal Pradesh Value Added Tax Act, 2005 was held to yield to these Central enactments, which operate with overriding effect. The secured creditor's priority over the State's VAT claim was recognised, and the first-charge notice was quashed. en-us Wed, 19 May 2021 00:00:00 +0530 Mon, 06 Jun 2022 12:18:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=302550 Prior to the 2016 amendments, the SARFAESI Act and the Recovery of Debts Act did not confer priority on banks over State tax dues. After insertion of Section 31B in the Recovery of Debts and Bankruptcy Act, 1993, and Section 26E in the SARFAESI Act, secured creditors were given priority over other debts and Government dues, including taxes and cesses. The State's first-charge provision under the Himachal Pradesh Value Added Tax Act, 2005 was held to yield to these Central enactments, which operate with overriding effect. The secured creditor's priority over the State's VAT claim was recognised, and the first-charge notice was quashed. Case-Laws VAT and Sales Tax Wed, 19 May 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=302550