ICICI BANK LTD Vs. OFFICIAL LIQUIDATOR

JUDGEMENT

(1.) THIS Civil Revision Petition has been filed against the order of the Debts Recovery Appellate Tribunal dated 27. 8. 2004. We have heard counsel for the parties and have perused the records.

(2.) THE revision petitioner is a secured creditor. M/s. Vibrant Investments and Properties Ltd. was a company which went into liquidation and the question is whether the claim of the petitioner will prevail over the claim of the Income-tax Department and the Karnataka Sales Tax Department.

(3.) THIS issue is no longer res integra in view of the decision of the Supreme Court in Dena Bank v. Bhikhabhai Prabhudas Parekh and Co. { (2000)5 SCC 694 vide para 10} where it has been held that the claim of a secured creditor will prevail over crown debts.