TMI BlogRecovery of dues (secured debt) - secured creditor has priority over the right claimed by the Revenue...Recovery of dues (secured debt) - secured creditor has priority over the right claimed by the Revenue over secured debt or not - It is quite clear and evident from Section 26E of the SARFAESI Act 2002 that it creates only a priority in favour of the financial institutions in the matter of payment over all other debts and all revenues, taxes, cesses and other rates payable to the Central Government or the State Government or local authority. But the priority in payment is in no manner in conflict..... ..... X X X X Extracts X X X X X X X X Extracts X X X X
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