https://www.taxtmi.com/caselaws?id=313742 A State tax claim does not become a secured debt merely because the State enactment creates a first charge, where that provision is expressly made subject to the Central insolvency law. The Tribunal treated Section 53 of the Insolvency and Bankruptcy Code as the controlling distribution mechanism and noted that the appellant had been treated as an operational creditor. On that basis, the earlier precedent relied on was held inapplicable, the appellant was not entitled to secured creditor status, and approval of the resolution plan was not a violation of Section 30(2)(b) of the Code. en-us Mon, 16 Oct 2023 00:00:00 +0530 Tue, 30 Apr 2024 21:26:39 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=313742 A State tax claim does not become a secured debt merely because the State enactment creates a first charge, where that provision is expressly made subject to the Central insolvency law. The Tribunal treated Section 53 of the Insolvency and Bankruptcy Code as the controlling distribution mechanism and noted that the appellant had been treated as an operational creditor. On that basis, the earlier precedent relied on was held inapplicable, the appellant was not entitled to secured creditor status, and approval of the resolution plan was not a violation of Section 30(2)(b) of the Code. Case-Laws Insolvency and Bankruptcy Mon, 16 Oct 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=313742