High Court Rules Banks Have Priority Over Statutory Dues for MVAT Recovery, Secured Creditors Take Precedence.

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....Recovery of tax dues under MVAT - priority of banks over statutory dues - the priority of the Secured Creditor who stand outside the winding up is confined to workmens portion as defined in Section 529 (iii) (c) - The petitioner bank has a priority claim over the statutory dues - HC....