https://www.taxtmi.com/caselaws?id=757497 The Bombay HC ruled that a bank's security interest registered with CERSAI on 17th March 2017 has priority over GST and Sales Tax Department dues. The Sales Tax Department's attachment order was dated 19th April 2022, significantly after the bank's registration. Relying on Section 26-E of the SARFAESI Act and precedents from Jalgaon Janta Sahakari Bank Ltd. and Indian Bank cases, the court held that the secured creditor-bank's claim takes preference over the revenue departments' claims. The petition was allowed. en-us Mon, 22 Jul 2024 00:00:00 +0530 Tue, 27 Aug 2024 11:46:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=757497 The Bombay HC ruled that a bank's security interest registered with CERSAI on 17th March 2017 has priority over GST and Sales Tax Department dues. The Sales Tax Department's attachment order was dated 19th April 2022, significantly after the bank's registration. Relying on Section 26-E of the SARFAESI Act and precedents from Jalgaon Janta Sahakari Bank Ltd. and Indian Bank cases, the court held that the secured creditor-bank's claim takes preference over the revenue departments' claims. The petition was allowed. Case-Laws VAT and Sales Tax Mon, 22 Jul 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=757497