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2017 (8) TMI 863 - HC - VAT and Sales TaxRight of a secured creditor to realize the secured debts - Recovery of Debts due to Banks and Financial Institutions - attachment orders - Held that:- As correctly argued by the learned counsel for the petitioner Bank, on a parity of reasoning, Section 26-E of the 2002 Act construed likewise. In other words, not only should the amendment apply to pending lis, but the declaration that the right of a secured creditor to realize the secured debts, would have priority over all debts, which would include, Government dues including revenues, taxes, etc.,. should hold good qua 2002 Act as well. We tend to agree with the submission advanced before me by the learned counsel for the petitioner Bank. Accordingly,the impugned attachment entry would have to be lifted. It is ordered accordingly. The writ petition is disposed of, based on an undertaking given by Mr.M.L.Ganesh, who appears for the petitioner Bank, that in case, the Revenue were to succeed in the SLP, the money realised from the sale of the subject properties would be disbursed to respondent No.1, in accordance with law.
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