Customs and excise department doesn’t have priority over secured creditors: Madhya Pradesh HC

Maya Spinners Ltd And Others Vs Bank of Baroda And Others (Madhya Pradesh High Court) Madhya Pradesh High Court held that customs department and central excise department doesn’t not have priority over other secured creditors for recovery of dues from mortgaged property. Facts- M/s Kowa Spinning Ltd., Dhamnod, District Dhar was registered with Customs and Central Excise Division Ratlam. Respondent No.3 Maya Spinners Ltd., Nimrani, was a 100% export-oriented unit registered with Customs and Central Excise Division-I, Indore. Likewise, respondent No.4 M/s Maya Spinners Ltd., Plot No.21, was al...