https://www.taxtmi.com/caselaws?id=313622 A prior registered security interest under the SARFAESI regime takes precedence over a later State tax charge. Where the bank had mortgaged the properties before the State created its charge, and the auction purchasers bought the secured assets in public e-auction, paid full consideration, received the sale certificate and took possession, Section 26E of the SARFAESI Act gave the secured creditor priority over other debts, including tax dues, with Section 35 giving the Act overriding effect. The later statutory charge under the Gujarat VAT Act could not defeat the earlier security interest, and the revenue attachment was liable to be removed to protect the purchasers' title. 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 A prior registered security interest under the SARFAESI regime takes precedence over a later State tax charge. Where the bank had mortgaged the properties before the State created its charge, and the auction purchasers bought the secured assets in public e-auction, paid full consideration, received the sale certificate and took possession, Section 26E of the SARFAESI Act gave the secured creditor priority over other debts, including tax dues, with Section 35 giving the Act overriding effect. The later statutory charge under the Gujarat VAT Act could not defeat the earlier security interest, and the revenue attachment was liable to be removed to protect the purchasers' title. Case-Laws VAT and Sales Tax Thu, 12 Jan 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=313622