https://www.taxtmi.com/caselaws?id=304807 The Tribunal held that the liability of the Corporate Debtor to the State Government qualifies as a "Financial Debt" under the Insolvency and Bankruptcy Code. It directed the Resolution Professional to consider the State's claim and reconstitute the Committee of Creditors if necessary. The Tribunal also found that late submission of claims should not bar their consideration, directing the RP to present delayed claims for evaluation. Additionally, the RP was instructed to reconsider a resolution plan and address pending tax assessments, ensuring all relevant claims are considered in the insolvency resolution process. en-us Fri, 28 May 2021 00:00:00 +0530 Fri, 28 Oct 2022 14:57:13 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=304807 The Tribunal held that the liability of the Corporate Debtor to the State Government qualifies as a "Financial Debt" under the Insolvency and Bankruptcy Code. It directed the Resolution Professional to consider the State's claim and reconstitute the Committee of Creditors if necessary. The Tribunal also found that late submission of claims should not bar their consideration, directing the RP to present delayed claims for evaluation. Additionally, the RP was instructed to reconsider a resolution plan and address pending tax assessments, ensuring all relevant claims are considered in the insolvency resolution process. Case-Laws Insolvency and Bankruptcy Fri, 28 May 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=304807