Case Law Details
State Bank of India Vs Assistant Commissioner (ST) (Madras High Court)
Whether the Financial Institution, which is a secured creditor, or the department of the government concerned, would have the ‘Priority of Charge’ over the mortgaged property in question, with regard to the tax and other dues?
No doubt that the rights of a secured creditor to realise secured debts due and payable by sale of assets over which security interest is created, would have priority over all debts and Government dues including revenues, taxes, cesses and rates due to the Central Government, State Government or Local Authority.
FULL TEXT OF THE JUDGMENT/ORDER OF MADRAS HIGH COURT
Heard Mr. N.Dilip Kumar, learned Counsel appearing for the petitioner, Mr. K.P.Krishnadass, learned Special Government Pleader appearing for the first respondent, Mr. K.Sathiya Singh, learned Additional Government Pleader appearing for the second respondent and Mr. D.Stanley David, learned Counsel appearing for the third respondent.
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