Under the Recovery of Debts and Bankruptcy Act, 1993, a dispute concerns the order of priority in…
A secured creditor's claim to precedence over other claimants in recovery proceedings is governed by section 31B of the Act, the priority to secured creditors provision,…
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Under the Recovery of Debts and Bankruptcy Act, 1993, a dispute concerns the order of priority in recovery proceedings where a secured creditor asserts precedence over other claimants. Which provision would primarily govern the issue?
Answer and explanation
Correct answer B
A secured creditor's claim to precedence over other claimants in recovery proceedings is governed by section 31B of the Act, the priority to secured creditors provision, separately from section 31A's certificate of recovery provision.