If any Central statute creates priority of a charge in favour of a secured creditor, the same will rank above the charge in favour of a State for a tax due under the value added tax of the State (Maharashtra Value Added Tax Act, 2002 (MVAT Act), Section 37)

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Recovery of Debts and Bankruptcy Act , 1993 (RDB Act), Section 31-B – Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (sarfaesi Act), Section 26-D, 26-E – Maharashtra Value Added Tax Act, 2002 (MVAT Act), Section 37 – If any Central statute creates priority of a charge in favour of a secured creditor, the same will rank above the charge in favour of a State for a tax due under the value added tax of the State – Though it would not be necessary for us to deal with the contention of the Respondents relating to the date of effectiveness of Section 26-E of the SARFAESI Act, however we are of the view that even if Section 26-E was effective only prospectively from 24th January, 2020 and not applicable to the facts at hand, that would not make any difference; as according to us Section 31-B of the RDB Act itself would be sufficient to give priority to a secured creditor over the Respondent’s charge for claiming tax dues. –

2019 SCeJ 1050 (Bom.)ASREC (India) Limited Vs. The State of Maharashtra Followed

Central Bank of India Vs. State of Kerala [2009] 4 SCC 94, distinguished.

#2021 SCeJ 149 (Bom.)

Tags: MVAT S. 37 RDDB S. 31-B Sarfaesi and Tax Act Sarfaesi S. 26-D Sarfaesi S. 26-E

If any Central statute creates priority of a charge in favour of a secured creditor, the same will rank above the charge in favour of a State for a tax due under the value added tax of the State (Maharashtra Value Added Tax Act, 2002 (MVAT Act), Section 37)

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Priority of debt - Whether secured creditor or state taxes will get priority (Maharashtra Value Added Tax Act, 2002 (MVAT Act), Section 37)

If any Central Statute creates priority of a charge in favour of a secured creditor, the same will rank above the charge in favour of a State for a tax due under the Value Added Tax of the State .

If any Central statute creates priority of a charge in favour of a secured creditor, the same will rank above the charge in favour of a State for a tax due under the value added tax of the State (Maharashtra Value Added Tax Act, 2002 (MVAT Act), Section 37)

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