https://www.taxtmi.com/caselaws?id=435680 A secured creditor whose security interest was created earlier and registered with CERSAI was entitled to statutory priority under Section 26E of the SARFAESI Act, overriding inconsistent State tax claims, including a first charge under the Maharashtra Value Added Tax Act. The State tax department had not registered any competing claim or attachment with CERSAI, and the attachment was not shown to have been validly levied on the specific secured asset before the auction. As the auction purchasers derived title through the secured creditor, auction notice clauses could not displace the statutory priority. The later attachment was therefore liable to be set aside, and the bank and auction purchasers prevailed. en-us Fri, 24 Mar 2023 00:00:00 +0530 Fri, 24 Mar 2023 19:45:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=435680 A secured creditor whose security interest was created earlier and registered with CERSAI was entitled to statutory priority under Section 26E of the SARFAESI Act, overriding inconsistent State tax claims, including a first charge under the Maharashtra Value Added Tax Act. The State tax department had not registered any competing claim or attachment with CERSAI, and the attachment was not shown to have been validly levied on the specific secured asset before the auction. As the auction purchasers derived title through the secured creditor, auction notice clauses could not displace the statutory priority. The later attachment was therefore liable to be set aside, and the bank and auction purchasers prevailed. Case-Laws VAT and Sales Tax Fri, 24 Mar 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=435680