https://www.taxtmi.com/caselaws?id=765088 Statutory first-charge provisions in Section 11E of the Central Excise Act and Section 82 of the CGST Act do not override the Insolvency and Bankruptcy Code, because they expressly preserve its overriding effect. Tax dues under these regimes therefore do not become secured debt merely by virtue of first charge, unlike the Gujarat VAT provision considered in Rainbow Papers. The tax authority was correctly treated as an operational creditor, and the resolution plan's treatment of its claim had to comply with Section 30(2)(b) of the IBC. No illegality was shown on the ground that the plan offered less than liquidation entitlement under Section 53(1). en-us Thu, 23 Jan 2025 00:00:00 +0530 Sat, 25 Jan 2025 08:26:35 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=765088 Statutory first-charge provisions in Section 11E of the Central Excise Act and Section 82 of the CGST Act do not override the Insolvency and Bankruptcy Code, because they expressly preserve its overriding effect. Tax dues under these regimes therefore do not become secured debt merely by virtue of first charge, unlike the Gujarat VAT provision considered in Rainbow Papers. The tax authority was correctly treated as an operational creditor, and the resolution plan's treatment of its claim had to comply with Section 30(2)(b) of the IBC. No illegality was shown on the ground that the plan offered less than liquidation entitlement under Section 53(1). Case-Laws IBC Thu, 23 Jan 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=765088