Tax Authorities' Lien on Property Prioritized in Insolvency Cases Under IBC Section 238 for Unpaid Sales Tax or VAT.

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....CIRP - recovery of arrear of sales tax / VAT - first charge in favor of revenue - removal of lien created over the factory premises and landed property - overriding effect covered under Section 238 of the IBC - the impugned order passed by the Adjudicating Authority removing the lien cannot be sustained in the eye of law - AT....