2023 (1) TMI 1296

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....Heard learned counsel for the Appellant. This Appeal has been filed against the order dated 09.09.2022 passed by the Adjudicating Authority by which order the Resolution Plan submitted by the Resolution Professional has been approved. The Appellant - Commercial Tax Department has filed this Appeal challenging the said order. The brief facts of the case which are necessary to be noticed for deciding the appeal are: (i) The CIRP against the Corporate Debtor commenced by order dated 04.12.2020. (ii) Publication was made by the Resolution Professional on 08.12.2020. In pursuance of the publication claims were submitted which were verified and collated by the Resolution Professional. (iii) Form G was published on 17.02....

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....nging the approval of the Resolution Plan contends that in view of the judgment of Hon'ble Supreme Court in "Civil Appeal No. 1661 of 2020, State Tax Officer (1) vs. Rainbow Papers Ltd.", the Appellant being Secured Creditor was entitled to be dealt with as Secured Creditor and to be allocated amount as per Section 53 at par with the Secured Financial Creditors. It is submitted that for the mere fact that Appellant did not file its claim, Appellant shall not be disentitled from distribution as Secured Creditor. It is submitted that the Appellant has filed a claim on 01.06.2022, although by that time the CoC has already approved the Resolution Plan, the plan was not approved by the Adjudicating Authority. 3. Learned counsel for the Respon....