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Section 26E: Priority to secured creditors.

The Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002Central Act · Act 54 of 2002

[26E. Priority to secured creditors.--Notwithstanding anything contained in any other law for the time being in force, after the registration of security interest, the debts due to any secured creditor shall be paid in priority over all other debts and all revenues, taxes, cesses and other rates payable to the Central Government or State Government or local authority.

Explanation.--For the purposes of this section, it is hereby clarified that on or after the commencement of the Insolvency and Bankruptcy Code, 2016 (31 of 2016), in cases where insolvency or bankruptcy proceedings are pending in respect of secured assets of the borrower, priority to secured creditors in payment of debt shall be subject to the provisions of that Code.]

Where this provision sits

ActThe Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002
Section26E
Marginal notePriority to secured creditors.
JurisdictionCentral
StatusIn force as published by the source
Judgments citing it1

How this provision has been amended

Taken from the footnotes printed with the provision by the source. Where a footnote names the amending instrument, it is quoted as printed.

  • inserted. . Ins. by s. 18, ibid. (w.e.f. 24-1-2020).

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