https://www.taxtmi.com/caselaws?id=441279 The statutory charge under the Maharashtra Value Added Tax Act was held to yield to the insolvency distribution framework because Section 37 makes that charge subject to any Central Act creating a first charge. On that basis, the Insolvency and Bankruptcy Code waterfall under Section 53 governed distribution in the resolution process, and the Department of State Tax could not claim secured creditor status in the manner asserted. The prior decision relied on by the Department was treated as distinguishable due to different statutory wording. The resolution plan allocation was therefore left undisturbed and no ground was found to interfere. en-us Wed, 26 Jul 2023 00:00:00 +0530 Fri, 04 Aug 2023 16:10:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=441279 The statutory charge under the Maharashtra Value Added Tax Act was held to yield to the insolvency distribution framework because Section 37 makes that charge subject to any Central Act creating a first charge. On that basis, the Insolvency and Bankruptcy Code waterfall under Section 53 governed distribution in the resolution process, and the Department of State Tax could not claim secured creditor status in the manner asserted. The prior decision relied on by the Department was treated as distinguishable due to different statutory wording. The resolution plan allocation was therefore left undisturbed and no ground was found to interfere. Case-Laws Insolvency and Bankruptcy Wed, 26 Jul 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=441279