Secured Creditor’s Priority Under RDB Act Overrides State’s VAT Dues In Recovery Proceedings: Andhra Pradesh High Court
The Central Bank of India filed a writ petition before the Andhra Pradesh High Court to assert its right to recover secured debts by selling mortgaged properties of a defaulting borrower. The case involved loans sanctioned to M/s Sri Rajarajeswari Raw and Boiled Rice Mill, which failed to repay the dues, prompting the Bank to initiate recovery proceedings under the Recovery of Debts and Bankruptcy Act, 1993 (RDB Act). Bank…
