https://www.taxtmi.com/caselaws?id=781980 NCLAT set aside the NCLT's rejection of the liquidator's application for dissolution of the corporate debtor. It held that the NCLT committed a patent error in presuming the Income Tax Department to be a secured creditor and in mechanically relying on SC's Rainbow Papers and an earlier NCLAT decision, despite a clear statement by the department's counsel that no charge existed over the tax demand. As Rainbow Papers was inapplicable on these facts, NCLAT allowed the appeal and remanded the matter to NCLT to pass appropriate dissolution orders in accordance with law. en-us Tue, 02 Sep 2025 00:00:00 +0530 Mon, 24 Nov 2025 08:57:48 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=781980 NCLAT set aside the NCLT's rejection of the liquidator's application for dissolution of the corporate debtor. It held that the NCLT committed a patent error in presuming the Income Tax Department to be a secured creditor and in mechanically relying on SC's Rainbow Papers and an earlier NCLAT decision, despite a clear statement by the department's counsel that no charge existed over the tax demand. As Rainbow Papers was inapplicable on these facts, NCLAT allowed the appeal and remanded the matter to NCLT to pass appropriate dissolution orders in accordance with law. Case-Laws IBC Tue, 02 Sep 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=781980