MVAT Authorities Lack Priority Over Secured Creditors’ Assets: Bombay HC

Indian Overseas Bank Vs Deputy Commissioner of State Tax (Bombay High Court) MVAT authorities doesn’t have priority in recourse to assets that are secured in favour of secured creditor: Bombay HC Bombay High Court held that MVAT Authorities would not have priority in the recourse to the assets that are secured in favour of the secured creditor and registered in priority with the Central Registry of Securitisation Asset Reconstruction and Security Interest of India (CERSAI). Facts- This petition challenges attachments of assets made, and consequential actions taken, by Respondent No. 1, Deput...