Secured creditors have no priority of interest over property attached under MPID Act

National Spot Exchange Limited Vs Union of India & Ors. (Supreme Court of India) Supreme Court held that no priority of interest can be claimed by the Secured Creditors against the properties attached under Maharashtra Protection of Investors and Depositors Act, 1999 [the MPID Act]. Provisions of MPID Act would override any claim for priority of interest by the Secured Creditors in respect of the properties attached under the MPID Act. Facts- The question involved herein is whether the Secured creditors would have priority of interest over the assets attached under the Provisions of Preven...