LAW FOR ALL

Priority of Lien = Stock Exchange Lien over the Defaulter account - Rights of Income Tax department for charging the account of Defaulter for his income tax arrears - Apex court held that since the lien possessed by the Stock Exchange makes it a secured creditor and as such the lien whether the lien under Rule 43 is a statutory lien or is a lien arising out of agreement does not make much of a difference as the Stock Exchange, being a secured creditor, would have priority over Government dues. as it is settled law that no Government holds better right than the secured creditor over the pledged property of defaulter = CIVIL APPEAL NO.4354 of 2003 The Stock Exchange, Bombay …….Appellant Versus V.S. Kandalgaonkar & Ors. ..….Respondents = 2014 - Sept.Month - http://judis.nic.in/supremecourt/imgst.aspx?filename=41963