Secured creditor’s claim above taxmen’s The income tax authorities cannot claim a superior right to attach a property already sold under the direction of the debt recovery tribunal, the Supreme Court stated in its judgment in Connectwell Industries vs Union of India. “Unless there is preference given to the Crown debt by a statute, the dues of a secured creditor have preference over Crown debts,” the court clarified.
In this case, a firm took a loan from Union Bank of India to buy a plot from Maharashtra Industrial Development Corporation (MIDC). The loan was ...
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