Secured creditors under SARFAESI Act take priority over FEMA dues. Secured creditor's claim prevails, FEMA dues payable to govt covered.

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....Debts due to secured creditors under SARFAESI Act have priority over debts under FEMA. SARFAESI Act being a later enactment prevails over earlier FEMA. SARFAESI Act overrides provisions of FEMA and secured creditor's dues prevail over FEMA dues. Section 37A of FEMA being prospective cannot apply to property already mortgaged before its enactment. Under RDBI Act, secured creditor's claim has priority over FEMA dues. FEMA dues payable to government covered under provisions granting priority to secured creditors. Availability of appeal remedy does not oust writ jurisdiction. Impugned order attaching mortgaged property for FEMA dues quashed. Property to be released to secured creditor.....