A Bank is having registered mortgaged property in 2002 and after 5 years the Income Tax department has attached the same property in 2007 for there dues. Now the Bank has taken possession and decided to sell the property under SARFAESI Act 2002. What will be the implications of the sale. The I.T dues will prevail over the Bank dues or the Bank having prior registered mortgagee will have right to retain the sale proceeds. (In the I.T Act there is no provision of First Charge over the property.)