https://www.taxtmi.com/caselaws?id=447552 The HC held that a secured creditor's prior mortgage and registered security interest under the SARFAESI framework took priority over the State's later tax and excise claims. Applying the statutory mandate that secured debts are to be paid in priority and that the SARFAESI Act has overriding effect, the Court found that the State's first-charge claim under the Himachal Pradesh VAT regime could not defeat the bank's earlier security interest. The revenue entries reflecting the State's claim against the secured asset were therefore liable to be removed. en-us Fri, 15 Dec 2023 00:00:00 +0530 Fri, 29 Dec 2023 10:17:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=447552 The HC held that a secured creditor's prior mortgage and registered security interest under the SARFAESI framework took priority over the State's later tax and excise claims. Applying the statutory mandate that secured debts are to be paid in priority and that the SARFAESI Act has overriding effect, the Court found that the State's first-charge claim under the Himachal Pradesh VAT regime could not defeat the bank's earlier security interest. The revenue entries reflecting the State's claim against the secured asset were therefore liable to be removed. Case-Laws Indian Laws Fri, 15 Dec 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=447552