Supreme Court of India
Punjab & Sind Bank v. The State of Punjab & Anr.
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From the headnote
Issue for consideration: High Court whether justifi ed in sustaining the State’s claim of priority in respect of dues under the Punjab Value Added Tax Act, 2005 of the Respondent no.2 (defaulting borrower), superseding the bank’s claim based on a charge created over its immovable property. Punjab Value Added Tax Act, 2005 – s.35 – Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 – s.35 – Implication – Claim of primacy over the assets of the defaulting borrower – Bank relied on s.35, 2002 Act – s.35, 2005 Act however, creates fi rst charge for
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