https://www.taxtmi.com/caselaws?id=750821 After insertion of Section 31-B in the Recovery of Debts and Bankruptcy Act, 1993 and Section 26E in the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002, secured creditors are given priority over other debts, including governmental dues. The statutory scheme, supported by overriding clauses in the central enactments, displaces the earlier position that allowed a State tax first charge to prevail in the absence of such provisions. In this context, the Himachal Pradesh VAT Act, 2005 cannot override the central recovery statutes where both operate in the same field. The secured creditor's claim therefore prevails over the State's tax charge. en-us Tue, 27 Feb 2024 00:00:00 +0530 Mon, 01 Apr 2024 11:35:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=750821 After insertion of Section 31-B in the Recovery of Debts and Bankruptcy Act, 1993 and Section 26E in the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002, secured creditors are given priority over other debts, including governmental dues. The statutory scheme, supported by overriding clauses in the central enactments, displaces the earlier position that allowed a State tax first charge to prevail in the absence of such provisions. In this context, the Himachal Pradesh VAT Act, 2005 cannot override the central recovery statutes where both operate in the same field. The secured creditor's claim therefore prevails over the State's tax charge. Case-Laws VAT and Sales Tax Tue, 27 Feb 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=750821