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2020 (10) TMI 150 - HC - Indian LawsPriority of settlement of claims - payment to secured creditors - Section 26(E) of The Securitization and Reconstruction of Financial Assets and Enforcement of Securities Interest Act, 2002 and Section 31-B of The Recovery of Debts Due to Banks and Financial Institutions Act, 1993 - HELD THAT:- In the judgement relied on by the learned senior counsel for the petitioner reported in Manu/KE/3448/2019 [State Bank of India v. State of Keral dated 30.07.2019] [2019 (7) TMI 1684 - KERALA HIGH COURT], the scope and ambit of Section 26(E) of The Securitization and Reconstruction of Financial Assets and Enforcement of Securities Interest Act, 2002 and Section 31-B of The Recovery of Debts Due to Banks and Financial Institutions Act, 1993 were considered in extenso. Accordingly, it was concluded that a secured creditor under the above said provisions get priority over the right, if any, claimed by the revenue. There is no fresh adjudication is required in the light of the judgement apart from the factual position which is not in dispute nor any contra materials produced. Petition allowed.
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