https://www.taxtmi.com/caselaws?id=48281 Property confiscated in excise proceedings vests in the State by operation of law, extinguishing the erstwhile owner's and any claimant's subsisting rights. On that basis, a secured creditor cannot enforce its security interest against confiscated property under SARFAESI, because priority between secured debt and revenue claims does not arise once confiscation has taken effect. The bank also lacked locus standi to challenge the confiscation order where the owner had already appealed. The confiscated assets therefore could not be proceeded against by the bank, and the challenge failed. en-us Tue, 05 Aug 2008 00:00:00 +0530 Tue, 02 Dec 2014 18:52:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=48281 Property confiscated in excise proceedings vests in the State by operation of law, extinguishing the erstwhile owner's and any claimant's subsisting rights. On that basis, a secured creditor cannot enforce its security interest against confiscated property under SARFAESI, because priority between secured debt and revenue claims does not arise once confiscation has taken effect. The bank also lacked locus standi to challenge the confiscation order where the owner had already appealed. The confiscated assets therefore could not be proceeded against by the bank, and the challenge failed. Case-Laws Customs Tue, 05 Aug 2008 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=48281