https://www.taxtmi.com/caselaws?id=427787 A prior and duly registered security interest prevails over a later tax attachment, so the secured creditor's claim ranked ahead of the Commercial Tax Department's recovery claim. The bank's mortgage and security interest arose on 13.10.2008, while the departmental charge was created only on 27.05.2015; the revenue did not invoke any fraudulent transfer provision and the transaction was not found tainted. The court applied the statutory priority accorded to secured creditors and held that governmental dues must yield to that priority, leaving only the exact quantification to be worked out between the bank and the Official Liquidator. en-us Fri, 15 Jul 2022 00:00:00 +0530 Thu, 25 May 2023 12:56:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=427787 A prior and duly registered security interest prevails over a later tax attachment, so the secured creditor's claim ranked ahead of the Commercial Tax Department's recovery claim. The bank's mortgage and security interest arose on 13.10.2008, while the departmental charge was created only on 27.05.2015; the revenue did not invoke any fraudulent transfer provision and the transaction was not found tainted. The court applied the statutory priority accorded to secured creditors and held that governmental dues must yield to that priority, leaving only the exact quantification to be worked out between the bank and the Official Liquidator. Case-Laws VAT and Sales Tax Fri, 15 Jul 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=427787