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TMI Blog2021 (7) TMI 1354X X X X Extracts X X X X X X X X Extracts X X X X ..... gment, where it was held that This Court has no hesitation in holding that the petitioners being Secured Creditors have preference over the respondent-State with regard to the debts due from respondent No. 4. This writ petition is allowed by holding that the findings in the said case shall mutatis mutandis apply to this petition also - The petitioner being Secured Creditor , has preference over the respondent-State with regard to the debts due from the private respondent(s) and the respondent-Department cannot claim first charge over secured assets of the petitioner belonging to the private respondents, as the petitioner has first charge over the secured assets, in view of the provisions of the SARFAESI Act 2002 and Recovery of Debts and Ba ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... and another Vs. State of Himachal Pradesh and others, this writ petition can be disposed of by observing that the findings returned in para-36 of the said writ petition shall mutatis mutandis apply to the present petition also. In other words, learned counsel submitted that this petition be disposed of by holding that petitioner being "Secured Creditor", has preference over the respondent-State with regard to the debts due from the private respondent(s) and the respondent-Department cannot claim first charge over secured assets of the petitioner belonging to the private respondents, as the petitioner has first charge over the secured assets, in view of the provisions of the SARFAESI Act 2002 and Recovery of Debts and Bankruptcy Act, 1993, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... wered the issue raised by the petitioner as to whether it is the "Secured Creditor" or the "Revenue", which has preference over the debts due to the Banks and Financial Institutions and this Court has not adjudicated any rights or disputes intra the petitioner-Bank and the private respondent(s). 6. To make it more clear, this writ petition is disposed of by holding that the findings returned in CWP No. 1638 of 2017 (supra) shall mutatis mutandis apply to this petition also and the petitioner being "Secured Creditor", has preference over the respondent-State with regard to the debts due from the private respondent(s) and the respondent-Department cannot claim first charge over secured assets of the petitioner belonging to the private respon ..... X X X X Extracts X X X X X X X X Extracts X X X X
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