2024 (11) TMI 1654

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....70, 7207 of 2024 - -<br>Insolvency & Bankruptcy<br>JUSTICE ASHOK BHUSHAN, CHAIRPERSON BARUN MITRA MEMBER (TECHNICAL) AND ARUN BAROKA MEMBER (TECHNICAL) For the Appellant : Ms. Shweal Shepal, Advocate. For the Respondents : None ORDER (Hybrid Mode) I.A. No.7207 of 2024: This is an application praying for condonation of 14 days' delay in filing the application. Learned counsel for ....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.....) No.246 of 2022, Department of State Tax, Through the Dy. Commissioner of State Tax vs. Zicom Saas Pvt. Ltd. & Anr. we have considered the similar contention raised by the Appellant and had upheld the approval of the plan by our order dated 07.02.2023. The Appellant's claim of being Secured Creditor was considered and it was held that the Appellant cannot claim that they are Secured Creditors. I....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....account of tax, interest or penalty for which he is liable to pay to the Government shall be a first charge on the property of such dealer, or as the case may be, such person" 8. The Provision of Section 37 of Maharashtra Value Added Tax, 2002 is to the following effect: "37. Notwithstanding anything contained in any contract to the contrary, but subject to any provision regardin....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

..... The IBC Section 53 itself provides waterfall mechanism which may be treated to be law which has been contemplated under Section 37 of the MVAT Act, 2002. 10. We thus are of the view that the Judgement of the Hon'ble Supreme Court in "Rainbow Paper Limited" relied by Learned Counsel for the Appellant is distinguishable. The Appellant having been treated as Operational Creditor allocation....