Whether the different departments of the State including Excise and Revenue will have priority over the Secured Creditors’ debt under SARFAESI Act, 2002 – State Bank of India Vs. State of H. P. and Ors. – Himachal Pradesh High Court
December 28, 2023
Hon’ble Himachal Pradesh High Court held that once the petitioner is a secured creditor and has moreover created the first charge over the property, then obviously, it has the first right to realise its dues and this question is no longer res integra in view of the authoritative pronouncement of the Hon’ble Supreme Court in Punjab National Bank Vs. Union of India & Ors. (2022) ibclaw.in 12 SC.