Charge of Corporation on debtor’s property.-

Notwithstanding anything contained in any law for the time being in force, but subject to the provisions in any law made by the Parliament relating to priority of charges and to any prior claim of a bank or of the Government in respect of land revenue or any money recoverable by it as arrears of land revenue,

2[the dues of the Corporation as determined in section 26 and of the bank as determined in section 26-A] together with interest accrued thereon and cost of recovery shall be the first charge on the property of the debtor and the guarantor, if any]. CHAPTER-VI ACCOUNTS AND AUDIT