Search Results for "secured creditor priority"

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Search Results for "secured creditor priority"

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Supreme Court

Supreme Court Allows Secured Creditor's Appeal in Priority Dispute Between SARFAESI Act and MSMED Act. SARFAESI Act's Express Priority Provisions Under Section 26E Prevail Over MSMED Act's Recovery Mechanism, as No Conflict Exists and Priority Must Be Expressly Provided.

5 Jan 2023

The dispute arose from conflicting recovery claims under the SARFAESI Act and MSMED Act against a debtor, Mission Vivacare, which had defaulted on loa...

High Court

Bombay High Court Allows Assignee of Debt to Proceed Under SARFAESI Act Despite Company Being Under Liquidation. Assignee Steps into Shoes of Original Lender and Can Enforce Security Interest Under Section 13 of SARFAESI Act, 2002.

13 Dec 2019

The petitioner, ASREC (India) Limited, is a company registered as a Reconstruction Company and Securitisation Company with the Reserve Bank of India u...

High Court

High Court of Karnataka Allows EPF Organisation's Writ Petition for Priority Payment of Provident Fund Dues from Bank Sale Proceeds. Section 11(2) of the Employees' Provident Funds and Miscellaneous Provisions Act, 1952 creates a first charge over assets of the establishment, overriding the claims of a secured creditor under the SARFAESI Act.

16 Jun 2026

The petitioner, the Regional Provident Fund Commissioner-I, Employees' Provident Fund Organisation, filed a writ petition under Articles 226 and 227 o...

High Court

Bombay High Court Dismisses Employees' Union's Claim for Priority Over Secured Creditor in Non-Functional Company. The court held that under the SARFAESI Act, the secured creditor's rights prevail over employees' dues when the company is not wound up, but directed sympathetic consideration of employees' claims.

30 Aug 2022

The writ petition was filed by Khandelwal Tube Mill Kamgar Sangh, a registered trade union representing employees of Khandelwal Tube Mill (the Company...

High Court

Bombay High Court Allows SFC's Claim for Priority Over Central Excise Dues in Recovery from Borrower's Assets. State Financial Corporation's Statutory Charge Under Section 29 of SFC Act, 1951 Prevails Over Crown Debt Under Central Excise Act, 1944.

18 Jul 2006

The petitioner, SICOM Ltd., a State Financial Corporation established under the State Financial Corporations Act, 1951, advanced a term loan of Rs. 51...

High Court

High Court of Karnataka Allows Writ Petition to Lift Attachment of Mortgaged Properties in Favor of State Financial Corporation Over Income Tax Recovery. Priority of secured creditor under Section 46A of State Financial Corporations Act, 1951 prevails over Crown debt for income tax arrears.

13 Mar 2013

The petitioner, Karnataka State Industrial Investment Development Corporation Ltd., a State owned Corporation and a Financial Institution governed by ...

High Court

High Court of Karnataka Allows Canara Bank's Petition to Quash Provisional Attachment Order Under PMLA — Priority of Secured Creditor Over Enforcement Directorate Upheld. The court held that under Section 26E of SARFAESI Act, 2002, a secured creditor has priority over the Enforcement Directorate in respect of mortgaged property, and the provisional attachment under PMLA cannot defeat the rights of the secured creditor.

10 Jun 2024

The petitioner, Canara Bank, a secured creditor, had advanced loans to the third respondent, Iqbal Ahmed, who mortgaged his property in favour of the ...

High Court

High Court of Bombay at Nagpur Bench Allows Bank's Petition, Holds Secured Creditor's Charge Prevails Over State's Statutory First Charge Under MVAT Act and Profession Tax Act. The court ruled that Section 26E of the SARFAESI Act, 2002 gives priority to the secured creditor over all other debts, including statutory dues of the State, and that the non-obstante clause in the SARFAESI Act overrides the provisions of the Maharashtra Value Added Tax Act, 2002 and the Profession Tax Act, 1975.

17 Dec 2021

The petitioner, Union Bank of India, had sanctioned cash credit and inland letter of credit facilities of Rs.10 crores to respondent No.4, M/s. Linkso...

High Court

Bombay High Court Quashes Sales Tax Attachment on Property Purchased in SARFAESI Auction — Priority of Secured Creditor Over Crown Debt. Attachment order set aside as property was sold by secured creditor under SARFAESI Act before attachment, and sales tax dues do not have priority over secured creditor's rights under Section 26E of SARFAESI Act.

16 Oct 2015

The petitioners, Sherwood Resorts Pvt. Ltd. and its shareholder, challenged an attachment order dated 29th April 2013 passed by the Sales Tax Officer ...

High Court

Bombay High Court Quashes Sales Tax Attachment Over Bank's Secured Assets Under SARFAESI Act — Priority of Secured Creditor Upheld. Section 26E of SARFAESI Act gives priority to secured creditors over crown debts, and attachment by sales tax authorities cannot defeat the bank's security interest.

22 Jan 2024

The petitioner, Union Bank of India, filed a writ petition under Article 226 of the Constitution of India seeking to quash an attachment order dated 2...

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