https://www.taxtmi.com/caselaws?id=444268 The Full Bench of the Madras HC ruled that secured creditors have priority over government departments regarding the realization of debts from the sale of mortgaged assets, including tax dues, under Section 26E of the SARFAESI Act, 2002. This decision aligns with the Bombay HC's stance, affirming that secured creditors hold priority if registered under Section 26B. The court also clarified that surplus auction proceeds should be remitted to relevant departments, but no remittance is required if the proceeds do not exceed the creditor's dues. The cases were disposed of without costs, closing related matters. en-us Wed, 27 Sep 2023 00:00:00 +0530 Wed, 11 Oct 2023 18:15:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=444268 The Full Bench of the Madras HC ruled that secured creditors have priority over government departments regarding the realization of debts from the sale of mortgaged assets, including tax dues, under Section 26E of the SARFAESI Act, 2002. This decision aligns with the Bombay HC's stance, affirming that secured creditors hold priority if registered under Section 26B. The court also clarified that surplus auction proceeds should be remitted to relevant departments, but no remittance is required if the proceeds do not exceed the creditor's dues. The cases were disposed of without costs, closing related matters. Case-Laws VAT and Sales Tax Wed, 27 Sep 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=444268