https://www.taxtmi.com/caselaws?id=461375 The Income Tax Department's claim in the resolution plan was treated as a contingent liability because the assessment order was under appeal, and its demand for a higher allocation was not accepted. The tribunal found that the allocation made to the operational creditor was not shown to be below the amount payable in liquidation, so the plan did not require interference on that ground. The claim to secured creditor status was rejected because no basis was established for treating the claimant as a secured operational creditor. The allocation under the approved resolution plan was therefore upheld. en-us Tue, 12 Dec 2023 00:00:00 +0530 Wed, 02 Apr 2025 19:00:22 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=461375 The Income Tax Department's claim in the resolution plan was treated as a contingent liability because the assessment order was under appeal, and its demand for a higher allocation was not accepted. The tribunal found that the allocation made to the operational creditor was not shown to be below the amount payable in liquidation, so the plan did not require interference on that ground. The claim to secured creditor status was rejected because no basis was established for treating the claimant as a secured operational creditor. The allocation under the approved resolution plan was therefore upheld. Case-Laws IBC Tue, 12 Dec 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=461375