https://www.taxtmi.com/caselaws?id=313622 Gujarat HC held that secured creditor bank's dues have priority over state tax dues under Section 26E of SARFAESI Act. Bank held valid first charge over mortgaged properties and conducted public e-auction. Petitioners were bona fide purchasers who paid full consideration and received sale certificate with peaceful possession. State authority's charge was created later in time. Court ruled mortgage created prior to state charge registration gives bank priority for debt recovery over government dues. SARFAESI Act provides specific mechanism for enforcement of security interest that cannot be defeated by other provisions. Petitioners declared absolute owners with legal title. Petition partly allowed. en-us Thu, 12 Jan 2023 00:00:00 +0530 Thu, 25 Apr 2024 06:30:53 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=313622 Gujarat HC held that secured creditor bank's dues have priority over state tax dues under Section 26E of SARFAESI Act. Bank held valid first charge over mortgaged properties and conducted public e-auction. Petitioners were bona fide purchasers who paid full consideration and received sale certificate with peaceful possession. State authority's charge was created later in time. Court ruled mortgage created prior to state charge registration gives bank priority for debt recovery over government dues. SARFAESI Act provides specific mechanism for enforcement of security interest that cannot be defeated by other provisions. Petitioners declared absolute owners with legal title. Petition partly allowed. Case-Laws VAT and Sales Tax Thu, 12 Jan 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=313622