Sarfaesi – Charge – Priority – Lien of the Bank as per Section 26 D noted and entered in the CERSAI  much prior to the charge created by the department – Banks charge has priority. 2024 PLRonline 413768

Securitisation and Reconstruction of Financial Assets and Enforcement of Security interest Act, 2002 (54 of 2002), Section 13(2)(4), 14, 26D, 26E — Secured Debt – Red entry/ lien by Excise and Income tax department – Prior Right – Llien of the Bank as per Section 26 D noted and entered in the CERSAI  dated 06.03.2013, which clearly establishes the fact that the Bank is not only a secured creditor but has created the first charge over the property in question as far as back in the year, 2013 –  Whereas the charge of the department had been created and reflected in revenue record on dated 05.02.2018 – Once the petitioner is a secured creditor and has moreover created the first charge over the property, then obviously, it has the first right to realise its dues – writ petition allowed, respondents directed to remove the red entry qua the property in question.