https://www.taxtmi.com/caselaws?id=447332 The Appellate Tribunal dismissed the appeal challenging the liquidator's classification of the Appellant as an Operational Creditor instead of a secured creditor under Section 53 of the Insolvency and Bankruptcy Code, 2016. The Appellant, a Port, argued for secured creditor status based on Section 171 of the Indian Contract Act, 1872, but lacked possession of the claimed assets, rendering Section 171 inapplicable. The Adjudicating Authority upheld the liquidator's distribution of sale proceeds, as the Appellant did not meet the definition of a secured creditor under Section 3(30) of the Code. en-us Thu, 21 Dec 2023 00:00:00 +0530 Sat, 23 Dec 2023 09:42:25 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=447332 The Appellate Tribunal dismissed the appeal challenging the liquidator's classification of the Appellant as an Operational Creditor instead of a secured creditor under Section 53 of the Insolvency and Bankruptcy Code, 2016. The Appellant, a Port, argued for secured creditor status based on Section 171 of the Indian Contract Act, 1872, but lacked possession of the claimed assets, rendering Section 171 inapplicable. The Adjudicating Authority upheld the liquidator's distribution of sale proceeds, as the Appellant did not meet the definition of a secured creditor under Section 3(30) of the Code. Case-Laws Insolvency and Bankruptcy Thu, 21 Dec 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=447332