Sales Tax cannot claim priority over dues of secured creditor whose interest is registered with CERSAI: Bombay HC

Indian Bank Thr. Chief Manager Vs State of Maharashtra & Ors. (Bombay High Court) Bombay High Court held that security creditor who has registered its claim against secure assets with the Central Registry of Securitisation Asset Reconstruction and Security Interest of India (CERSAI) has priority over other debts. Thus, Sales Tax Authorities cannot claim priority over the dues payable to the secured creditor, whose security interest is registered with CERSAI. Facts- The petitioner is a bank who extended credit facilities to Respondent (M/s. Anupama Enterprises). The credit facilities offere...