Tax Dues with Asset Charges Prioritized Over Mortgages; Unsecured Debts Hold Lower Priority Under SARFESAI Act.

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....Recovery of tax dues - those statutes under which a charge is created on the assets will have priority over mortgage rights under any other Act. And those statutes where charges are not created will be accorded a status of unsecured debts and will have low priority over the secured creditors under the SARFESAI Act....