https://www.taxtmi.com/caselaws?id=302631 A secured creditor's statutory priority over secured assets prevailed against the State's recovery claim under VAT law. Applying its earlier reasoning, the HC held that the first-charge provision in the State VAT statute must yield to the priority created by Section 26E of the SARFAESI Act and Section 31B of the Recovery of Debts and Bankruptcy Act. The secured creditor therefore had precedence in relation to the secured asset, and the State could not enforce a first charge over it. en-us Fri, 23 Jul 2021 00:00:00 +0530 Thu, 09 Jun 2022 08:14:46 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=302631 A secured creditor's statutory priority over secured assets prevailed against the State's recovery claim under VAT law. Applying its earlier reasoning, the HC held that the first-charge provision in the State VAT statute must yield to the priority created by Section 26E of the SARFAESI Act and Section 31B of the Recovery of Debts and Bankruptcy Act. The secured creditor therefore had precedence in relation to the secured asset, and the State could not enforce a first charge over it. Case-Laws VAT and Sales Tax Fri, 23 Jul 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=302631