https://www.taxtmi.com/caselaws?id=444268 A registered secured creditor's right to realise secured debt under the SARFAESI Act was treated as having priority over Sales Tax, Commercial Tax and Income Tax claims. The Court held that the registering authority could register the sale certificate even if the tax departments had raised attachment, so the attachment could not obstruct registration. It further held that only surplus auction proceeds, if any, after satisfaction of the secured debt are liable to be remitted to the departments; where the sale proceeds do not exceed the secured dues, no remittance is required and prosecution of the secured creditor's officers on that basis is not sustainable. 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 A registered secured creditor's right to realise secured debt under the SARFAESI Act was treated as having priority over Sales Tax, Commercial Tax and Income Tax claims. The Court held that the registering authority could register the sale certificate even if the tax departments had raised attachment, so the attachment could not obstruct registration. It further held that only surplus auction proceeds, if any, after satisfaction of the secured debt are liable to be remitted to the departments; where the sale proceeds do not exceed the secured dues, no remittance is required and prosecution of the secured creditor's officers on that basis is not sustainable. Case-Laws VAT and Sales Tax Wed, 27 Sep 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=444268