Secured creditor under SARFAESI Act would have priority over rights of Govt. in respect of mortgaged properties

CL: Where appellant bank sanctioned loan to a company namely 'SVLL' and on account of failure of 'SVLL' to repay said loan, appellant initiated proceedings under SARFAESI Act, 2002, appellant being a secured creditor under 2002 Act, would have priority over rights of Central or State Government or any other local authority in respect of properties mortgaged with appellant bank by 'SVLL'

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