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SC: Only Expressly Created Statutory Charges can Take Precedence Over Secured Creditors' Claim - (05 Dec 2019)

BANKING

Supreme Court has reiterated that only expressly created statutory first charges under Central and State laws can take precedence over the claims of secured creditors under the Securitisation and Reconstruction of Financial Assets and Enforcement of Securities Interest Act, 2002. The Court further observed that it is not enough to merely provide for recovery of dues as arrears of land revenue.

Tags : SC SECURED CREDITORS

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