Sarfaesi S. 41, RDDB S. 31-B, Tax Act

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There is, thus, no doubt that the rights of a secured creditor to realise debts due and payable by sale of assets over which security interest is created, would have priority over all debts and Government dues including revenues, taxes, cesses and rates due to the Central Government, State Government or Local Authority. This section introduced in the Central Act is with “notwithstanding” clause and has come into force from 01.09.2016.

The law having now come into force, naturally it would govern the rights of the parties in respect of even a lis pending.

Madras High Court (Madurai Bench), in the case of Indian Overseas Bank v. The Sub Registrar, Tuticorin Keelur, Tuticorin District and others, (Writ Petition No.14618 of 2018, decided on 18th December 2018),

Sarfaesi S. 41, RDDB S. 31-B, Tax Act

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Sarfaesi - As to whether the Financial Institution, which is a Secured Creditor, or the Department of the Government concerned, would have the 'Priority of Charge' over the Mortgaged property in question, with regard to the tax and other dues, and

Crown's preferential right to recovery of debts, over other creditors is confined to ordinary or unsecured creditors

Sarfaesi S. 41, RDDB S. 31-B, Tax Act

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