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2021 (7) TMI 1353 - HIMACHAL PRADESH HIGH COURTRecovery of dues - whether it is the “Secured Creditor” or the “Revenue”, which has preference over the debts due to the Banks and Financial Institutions and this Court has not adjudicated any rights or disputes intra the petitioner Bank and the private respondent(s)? - HELD THAT:- This writ petition is disposed of by holding that the findings returned in PUNJAB NATIONAL BANK AND ORS. VERSUS STATE OF HIMACHAL PRADESH AND ORS. [2021 (5) TMI 1026 - HIMACHAL PRADESH HIGH COURT] shall mutatis mutandis apply to this petition also and the petitioner being “Secured Creditor”, has preference over the respondent State with regard to the debts due from the private respondent(s) and the respondent Department cannot claim first charge over secured assets of the petitioner belonging to the private respondents, as the petitioner has first charge over the secured assets, in view of the provisions of the SARFAESI Act 2002 and Recovery of Debts and Bankruptcy Act, 1993, as amended from time to time. It is further held that the provisions of Section 26 of the H.P. VAT Act, 2005 shall have to give way to the provisions of Section 26E of the SARFAESI Act 2002 and Section 31B of the RDB Act, 1993. Application disposed off.
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