https://www.taxtmi.com/caselaws?id=759812 A secured creditor's dues were treated as having priority over claimed Central Excise and Customs dues because the excise department failed to support the quantified demand with reliable material, the bank's recovery proceedings had already culminated earlier, and no specific first charge under the Central Excise Act for the relevant period displaced the SARFAESI framework. The Court further held that the customs provisions relied on did not override the statutory preference of secured creditors in the circumstances. The objection to recovery and auction proceedings was therefore rejected. en-us Fri, 04 Oct 2024 00:00:00 +0530 Tue, 08 Oct 2024 16:20:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=759812 A secured creditor's dues were treated as having priority over claimed Central Excise and Customs dues because the excise department failed to support the quantified demand with reliable material, the bank's recovery proceedings had already culminated earlier, and no specific first charge under the Central Excise Act for the relevant period displaced the SARFAESI framework. The Court further held that the customs provisions relied on did not override the statutory preference of secured creditors in the circumstances. The objection to recovery and auction proceedings was therefore rejected. Case-Laws Customs Fri, 04 Oct 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=759812