gov dues are secured creditors?
Answers
Explanation:
In terms of the recent amendments to the Sarfaesi Act, 2002 and the Recovery of Debts due to Banks & FIs Act, 1993, claims of secured creditors to recover secured loans by sale of secured assets are given priority over taxation dues of the central, state or municipal tax authorities. Such priority is also recognised by the insolvency laws, including the latest Insolvency & Bankruptcy Code, 2016.
Government dues are secured creditors:
• Government dues are dues which are defined in sub rules.
• Yes government dues are secured creditors because they are secured in banks.
• A secured creditor is commonly a bank or other asset-based creditor that holds a fixed or fluctuating charge over a business asset or assets.
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