2023 (9) TMI 664

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....V KHANNA And HON'BLE MR. JUSTICE 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 appellan....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....al with the provisions of the Insolvency 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 o....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....out of the dues payable to an operational 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 t....