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 .