Bank debts has priority over other debts/ taxes payable to State Government

Ambica Buildcon Vs Recovery Officer I (Gujarat High Court) Gujarat High Court held that the debts due to Bank – a secured creditor shall be paid in priority over other debts/taxes payable to the State Government. Facts- The petitioner purchased the said property in the said public e-auction conducted by respondent no.1 for a sale consideration of Rs.13,75,00,000/- and the respondent no.1 issued a sale certificate in favour of the petitioner. The petitioner was made aware by respondents No.1 and 2 that the claim of the banks dues are prior to the State dues as per Section 31-B of the RDDBI Ac...