In Brief
Rajasthan Financial Corporation sold property financed to a defaulting borrower under Section 29 of the State Financial Corporation Act, 1951, reserving a first charge until all dues were paid. The Central Excise department later attached the same property for alleged dues of the former owner. The Corporation's writ petition against the attachment was dismissed by the High Court as premature. The Supreme Court upheld this dismissal, holding that the claim regarding the first charge was premature and would be addressed only when the property is sold for recovery of dues. The charge adequately protected the Corporation's interests at the appropriate enforcement stage.",
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