Clean slate principle extinguishes uncrystallised operational claims and bars continuation of pending recovery and arbitral proceedings after plan app...
Works contract classification governs composite layout-development contracts where VAT-paid goods are transferred alongside construction and infrastru...
Specified income tax exemption for pollution control body remains conditional on non-commercial activity, unchanged income character, and return filin...
Jurisdictional facts in certificate-of-origin discrepancies can support customs show-cause proceedings, leaving factual explanations for departmental ...
An earlier registered bank security interest prevailed over a later statutory tax lien where the bank's charge was created and registered in 2012 and the tax department's lien arose only in 2019. The Tribunal held that once the secured creditor elected under Section 52(1)(b) to realise its security outside the liquidation estate, and the liquidator verified that interest under Section 52(3), the later lien could not obstruct enforcement. It distinguished Rainbow Papers as not deciding priority against a prior perfected secured creditor. The liquidator's conduct was found bona fide and within statutory authority, as the tax claim had been admitted and later reclassified in line with the evolving legal position, and the adverse observations against him were expunged.
An earlier registered bank security interest prevailed over a later statutory tax lien where the bank's charge was created and registered in 2012 and the tax department's lien arose only in 2019. The Tribunal held that once the secured creditor elected under Section 52(1)(b) to realise its security outside the liquidation estate, and the liquidator verified that interest under Section 52(3), the later lien could not obstruct enforcement. It distinguished Rainbow Papers as not deciding priority against a prior perfected secured creditor. The liquidator's conduct was found bona fide and within statutory authority, as the tax claim had been admitted and later reclassified in line with the evolving legal position, and the adverse observations against him were expunged.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4809 
Join Channel 
