https://www.taxtmi.com/caselaws?id=756241 Section 26E of the SARFAESI Act and Section 31B of the RDB Act were treated as giving secured creditors statutory priority over competing claims, so a FEMA seizure could not displace the bank's prior mortgage. Section 37A of FEMA, inserted after the mortgage was created, was held to be substantive and not retrospectively applicable to disturb pre-existing security interests. Although an appeal was available under FEMA, the availability of that remedy did not bar writ jurisdiction where the impugned action was said to be without jurisdiction and contrary to the secured creditor's overriding rights. en-us Mon, 10 Jun 2024 00:00:00 +0530 Wed, 31 Jul 2024 07:23:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=756241 Section 26E of the SARFAESI Act and Section 31B of the RDB Act were treated as giving secured creditors statutory priority over competing claims, so a FEMA seizure could not displace the bank's prior mortgage. Section 37A of FEMA, inserted after the mortgage was created, was held to be substantive and not retrospectively applicable to disturb pre-existing security interests. Although an appeal was available under FEMA, the availability of that remedy did not bar writ jurisdiction where the impugned action was said to be without jurisdiction and contrary to the secured creditor's overriding rights. Case-Laws FEMA Mon, 10 Jun 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=756241