https://www.taxtmi.com/caselaws?id=752008 A prior mortgage registered with CERSAI under the SARFAESI framework had priority over the State tax authorities' later claim, because Chapter IVA and Section 26-C treat such registration as public notice and protect the earlier registered security interest. The State could not enforce its dues against the secured assets or the auction purchaser once the secured creditor's interest had been created and registered first. Its claim, if any, was limited to any residual sale proceeds after satisfaction of the secured creditor's dues. The auction purchaser therefore took title free from the State's asserted encumbrance. en-us Tue, 30 Apr 2024 00:00:00 +0530 Wed, 01 May 2024 21:51:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=752008 A prior mortgage registered with CERSAI under the SARFAESI framework had priority over the State tax authorities' later claim, because Chapter IVA and Section 26-C treat such registration as public notice and protect the earlier registered security interest. The State could not enforce its dues against the secured assets or the auction purchaser once the secured creditor's interest had been created and registered first. Its claim, if any, was limited to any residual sale proceeds after satisfaction of the secured creditor's dues. The auction purchaser therefore took title free from the State's asserted encumbrance. Case-Laws VAT and Sales Tax Tue, 30 Apr 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=752008