2023 (9) TMI 664

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....ICE S.V.N. BHATTI For the Petitioner : Mr. Balbir Singh, A.S.G. Mr. Nishant Sharma, Adv. Mr. Rakesh K. Sharma, AOR Mr. Naman Tandon, Adv ORDER Delay condoned. In our opinion, the legal issue is covered by the judgment of this Court in "Paschimanchal Vidyut Vitran Nigam Ltd. vs. Raman Ispat Private Limited and Others" 2023 SCC Online SC 842. The appellant - Southern Power Distribution Company....

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....y and Bankruptcy Code, 2016 For short, "the Code". In terms of Section 238 of the Code, the provision(s) of the Code will have an overriding effect. The debt due has to be paid in terms of Section 53 of the Code. Accordingly, the decision in K.C. Ninan (supra) was distinguished in Paschimanchal Vidyut Vitran Nigam Ltd. (supra). Similarly, reliance placed on the judgment of this Court in "Embassy ....

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.... or financial creditor, by observing: "37...It will be a different matter, if proceedings under statutes like Income Tax Act had attained finality, fastening a liability upon the corporate debtor, since, in such cases, the dues payable to the Government would come within the meaning of the expression "operational debt" under Section 5(21), making the Government an "operational creditor" in terms....