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NCLAT allowed the appeal and modified the adjudicating authority's order dated 19.07.2024, holding that the appellant is a secured creditor of the corporate debtor by virtue of a statutory charge over the debtor's assets. The Tribunal, relying on Supreme Court precedent interpreting analogous statutory charge provisions, treated the appellant's dues as secured government/statutory dues rather than unsecured operational claims and distinguished liabilities payable to statutory corporations from ordinary government dues. The appellant's prayer to be declared a secured creditor was granted and the impugned order set aside to that extent, with the appeal disposed accordingly.
NCLAT allowed the appeal and modified the adjudicating authority's order dated 19.07.2024, holding that the appellant is a secured creditor of the corporate debtor by virtue of a statutory charge over the debtor's assets. The Tribunal, relying on Supreme Court precedent interpreting analogous statutory charge provisions, treated the appellant's dues as secured government/statutory dues rather than unsecured operational claims and distinguished liabilities payable to statutory corporations from ordinary government dues. The appellant's prayer to be declared a secured creditor was granted and the impugned order set aside to that extent, with the appeal disposed accordingly.
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