Dues of a secured creditor have preference over Crown debts: HC

Alok Kistuchand Agarwal Vs Sub Registrar (Gujarat High Court) The short point that falls for our consideration which otherwise no longer res integra is whether the bank will have the precedence over the secured assets or the Income Tax Department will have the precedence over the secured assets. Supreme Court in a recent pronouncement in the case of Punjab National Bank Vs. Union of India and Others, Civil Appeal No.2196 of 2012 decided on 24.02.2022 has taken the view that once any immovable property is mortgaged / hypothecated towards secured creditors then having regard to the provisons con...