Secured creditor's priority charge upheld over dues. Precedent grants priority over taxes. Bank claim registered earlier. Tax authority can recover from debtor.

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....Secured creditor's priority charge over dues upheld. Section 26E of SARFAESI Act grants secured creditors priority over all other debts and taxes. Petitioner bank registered claim against secured assets earlier. As per precedent, secured creditor has priority over state government revenues and taxes. Petition allowed. Respondent tax authority free to recover dues from debtor as per law.....