1 IN THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORIGINAL CIVIL JURISDICTION WRIT PETITION NO. 1601 OF 2009 International Asset Reconstruction Company ) Private Limited (acting in capacity as the Trustee ) of the IARC-BOB-01/07 Trust) and another ).. Petitioners Versus The Union of India and others ).. Respondents Mr. Birendra Saraf i/b V. Deshpande & Co. for the Petitioners. Mr. B.M. Chatterjee for Respondent No.3. CORAM : SWATANTER KUMAR, C.J. AND A.M. KHANWILKAR, J. DATED : 8TH SEPTEMBER 2009 P.C. It is not disputed that as per the settled position of law now the Income Tax authority does not have a preferential charge over the secured creditors. However, it is stated on behalf of the Respondents that if the secured creditors receive larger sum than the dues payable to them, the excess amount be made over to the Income Tax authority towards the outstanding tax dues. It is also stated that efforts be made to fetch best price for the property in question. 2. In view of the above, Writ Petition is disposed of with a clear direction that the Petitioners will re-advertise the property and make their 2 best efforts to secure highest price for the property in question. The Petitioners would make over the excess amount to the Income Tax authority towards the tax dues. The impugned order and the notices are set aside. No order as to costs. CHIEF JUSTICE A.M. KHANWILKAR, J.