Excise dept cannot prevent banks from Exercising Rights as Secured Creditor: SC

Superintendent Central Excise & Customs Vs Kotak Mahindra Bank Ltd. (Supreme Court) There is little doubt that the situation that emerges is a creation of a secured debt in favour of the State Bank of India on 24.06.1985 and thereafter the transfer of the debt to the respondent Bank. It is the original date of creation of the security which is of relevance. It is not possible for the appellant to plead that they have crown debt which would take precedence over a secured liability and fairly, the learned Additional Solicitor General does not even seek to contend it. We find that given the a...