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2021 (7) TMI 1354 - HIMACHAL PRADESH HIGH COURTRecovery of dues - priority of claims - petitioner being “Secured Creditor”, has preference over the respondent-State with regard to the debts due from the private respondent or not - HELD THAT:- Reliance placed in the judgment passed by this Court PUNJAB NATIONAL BANK AND ANOTHER VERSUS STATE OF HIMACHAL PRADESH AND OTHERS [2021 (5) TMI 1026 - HIMACHAL PRADESH HIGH COURT], as it has not been disputed by the State that the issue involved in this writ petition is, in fact, covered by the judgment, where it was held that This Court has no hesitation in holding that the petitioners being “Secured Creditors” have preference over the respondent-State with regard to the debts due from respondent No. 4. This writ petition is allowed by holding that the findings in the said case shall mutatis mutandis apply to this petition also - 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. Writ petition disposed off.
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