https://www.taxtmi.com/caselaws?id=310607 Section 48 of the Gujarat VAT Act creates a first charge on a dealer's property for tax dues, but that charge does not prevail in insolvency because Section 238 of the Insolvency and Bankruptcy Code gives the Code overriding effect over inconsistent laws. Applying its earlier larger-bench view and the distribution scheme in Section 53, the Tribunal stated that the Government cannot assert a first charge over a corporate debtor's property for insolvency purposes or claim secured creditor status under Sections 3(30) and 3(31). The State tax authority was therefore not entitled to be treated as a secured creditor, and the challenge failed. en-us Thu, 23 Jan 2020 00:00:00 +0530 Thu, 02 Nov 2023 19:16:35 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=310607 Section 48 of the Gujarat VAT Act creates a first charge on a dealer's property for tax dues, but that charge does not prevail in insolvency because Section 238 of the Insolvency and Bankruptcy Code gives the Code overriding effect over inconsistent laws. Applying its earlier larger-bench view and the distribution scheme in Section 53, the Tribunal stated that the Government cannot assert a first charge over a corporate debtor's property for insolvency purposes or claim secured creditor status under Sections 3(30) and 3(31). The State tax authority was therefore not entitled to be treated as a secured creditor, and the challenge failed. Case-Laws VAT and Sales Tax Thu, 23 Jan 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=310607