https://www.taxtmi.com/caselaws?id=429184 Statutory first charge under the Himachal Pradesh Value Added Tax Act, 2005 was treated as relevant in liquidation under the Insolvency and Bankruptcy Code, 2016, and the later Rainbow Papers principle was noted to support the view that such state dues may rank as secured debts. The claim could not be rejected merely because it was filed belatedly, and delay alone was insufficient to defeat the State tax authorities' charge over the corporate debtor's property. The direction to issue a no-objection certificate for registration of the properties was therefore unsustainable, and the claim rejection on the ground of delay could not stand. en-us Tue, 18 Oct 2022 00:00:00 +0530 Thu, 20 Oct 2022 08:17:23 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=429184 Statutory first charge under the Himachal Pradesh Value Added Tax Act, 2005 was treated as relevant in liquidation under the Insolvency and Bankruptcy Code, 2016, and the later Rainbow Papers principle was noted to support the view that such state dues may rank as secured debts. The claim could not be rejected merely because it was filed belatedly, and delay alone was insufficient to defeat the State tax authorities' charge over the corporate debtor's property. The direction to issue a no-objection certificate for registration of the properties was therefore unsustainable, and the claim rejection on the ground of delay could not stand. Case-Laws Insolvency and Bankruptcy Tue, 18 Oct 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=429184