https://www.taxtmi.com/caselaws?id=469834 A state VAT first-charge claim did not displace the insolvency distribution scheme because the Maharashtra VAT provision made that charge subject to any Central Act creating a first charge. The provision was distinguished from the Gujarat VAT provision considered in the earlier Supreme Court ruling. The resolution plan was also found to satisfy the insolvency code's minimum payment requirement because the claimant was to receive at least the amount payable in liquidation. On that basis, the tax claimant was not treated as a secured creditor, and the approval of the resolution plan was not disturbed. en-us Thu, 14 Nov 2024 00:00:00 +0530 Mon, 06 Jul 2026 20:37:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=469834 A state VAT first-charge claim did not displace the insolvency distribution scheme because the Maharashtra VAT provision made that charge subject to any Central Act creating a first charge. The provision was distinguished from the Gujarat VAT provision considered in the earlier Supreme Court ruling. The resolution plan was also found to satisfy the insolvency code's minimum payment requirement because the claimant was to receive at least the amount payable in liquidation. On that basis, the tax claimant was not treated as a secured creditor, and the approval of the resolution plan was not disturbed. Case-Laws IBC Thu, 14 Nov 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=469834