Secured Creditors' Claims Take Priority Over Tax Dues, Confirms High Court, u/ss 26(E) and 31-B.

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....Priority of settlement of claims - payment to secured creditors over tax dues - scope and ambit of Section 26(E) of The Securitization and Reconstruction of Financial Assets and Enforcement of Securities Interest Act, 2002 and Section 31-B of The Recovery of Debts Due to Banks and Financial Institutions Act, 1993 - a secured creditor under the above said provisions get priority over the right, if any, claimed by the revenue. - HC....