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Secured Creditor Rights Affirmed: Court Quashes Order Due to Vagueness in Tax Recovery and Equitable Mortgage Case.
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....Valuable right of recovery of petitioner as secured creditor - Tax recovery proceedings - priority to secured creditors - equitable mortgage created by the bank - The High Court noted the absence of a clear finding on the date of initiation of proceedings and creation of the mortgage in the impugned order. - Emphasizes the importance of substantive evidence to declare the mortgage void. - Sets aside and quashes the impugned order due to vagueness and lack of conclusive findings.....