Secured Creditors' Priority Affirmed Over Tax Dues; Bank's 2010 Mortgage Precedes Later Claims Per SARFAESI Act.

Recovery of Tax Dues versus Secured Creditors - priority of security interest and its enforcement over the Secured Assets - The High court clarified the priority of security interests over the assets in question. It cited Section 26-C(1) of the SARFAESI Act, which establishes that registration with the Central Registry of Securitization Asset Reconstruction and Security Interest of India (CERSAI) acts as public notice. The court affirmed that SBI's mortgage, created in 2010 and registered in CERSAI in 2012, had priority over subsequent claims. .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X