Bank has first charge over property above other debts payable to Central or State Government

Central Bank of India Vs State of Himachal Pradesh & Ors. (Himachal Pradesh High Court) Himachal Pradesh High Court held that the Bank has first charge over the properties being secured creditor in priority over all Other Debts, Revenues, Taxes, Cesses and Other Rates payable to the Central or State Government or Legal Authority. Facts- The respondent no. 4 raised loan of Rs.2.50 Crores, by way of a Cash Credit Loan Facility, for his business purposes from the Petitioner-Bank. Respondent No.5, stood as guarantor for repayment and discharge of the said loan liability of her husband, i.e. re...