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NCLAT dismissed the appeal, upholding the adjudicating authority's determination that Respondent No.3 possessed a pre-existing statutory charge over the corporate debtor's immovable property by virtue of attachment effected prior to CIRP, thereby constituting a secured creditor under the relevant tax statute read with the IBC. The Tribunal held the attachment created a valid security interest operative before initiation of insolvency proceedings, and that subsequent judicial interpretation of the tax provision applied retrospectively unless expressly limited, rendering the tax authority's treatment as a secured creditor effective from the IBC's commencement. The impugned order was found to be free of infirmity and the appeal was rejected.
NCLAT dismissed the appeal, upholding the adjudicating authority's determination that Respondent No.3 possessed a pre-existing statutory charge over the corporate debtor's immovable property by virtue of attachment effected prior to CIRP, thereby constituting a secured creditor under the relevant tax statute read with the IBC. The Tribunal held the attachment created a valid security interest operative before initiation of insolvency proceedings, and that subsequent judicial interpretation of the tax provision applied retrospectively unless expressly limited, rendering the tax authority's treatment as a secured creditor effective from the IBC's commencement. The impugned order was found to be free of infirmity and the appeal was rejected.
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