https://www.taxtmi.com/caselaws?id=758321 The Madhya Pradesh VAT first-charge provision was treated as materially different from the Gujarat VAT provision considered in Rainbow Papers because Section 33 was expressly made subject to Section 530 of the Companies Act, 1956. On that basis, the tax dues were not entitled to secured debt status, and the claim could not displace the insolvency priority scheme under Sections 529A and 530. Once that statutory charge argument failed, no legal infirmity was shown in the resolution process, and the approval of the resolution plan was left undisturbed. en-us Mon, 09 Sep 2024 00:00:00 +0530 Wed, 11 Sep 2024 11:19:31 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=758321 The Madhya Pradesh VAT first-charge provision was treated as materially different from the Gujarat VAT provision considered in Rainbow Papers because Section 33 was expressly made subject to Section 530 of the Companies Act, 1956. On that basis, the tax dues were not entitled to secured debt status, and the claim could not displace the insolvency priority scheme under Sections 529A and 530. Once that statutory charge argument failed, no legal infirmity was shown in the resolution process, and the approval of the resolution plan was left undisturbed. Case-Laws IBC Mon, 09 Sep 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=758321