High Court Affirms Secured Creditors' Priority Over State Tax Dues u/s 48 of GVAT Act, 2003.

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....Priority of charge over assets - Secured creditors versus Crown Debts (State tax dues) - Attachment of property - default in repayment of loan amount - the State cannot claim any first charge over the subject property on the strength of Section-48 of the GVAT Act, 2003. - HC....