State can be Secured Creditor under IBC Due to Statutory Charge Created u/s 48 of GVAT Act: NCLAT [Read Order]
According to Section 48 of the GVAT Act, a charge was created on the CD's property by operation of law in favor of the appellant, as a result of which the appellant is entitled to be treated as secured creditor under Section 53 of the code
The National Company Law Appellate Tribunal (NCLAT) in New Delhi ruled that the State’s debts should be treated as secured creditors under Section 53 of the Insolvency and Bankruptcy Code, 2016 (Code) because, after the corporate debtor’s assessment under the Gujarat Value Added Tax (GVAT) Act is completed before the Corporate Insolvency Resolution Process (CIRP),…
Your free access to Taxscan has Expired
To read the article, get a premium account.
Taxscan Premium
Why should you subscribe?
Enjoy our website without interruptions from advertisements
Receive Daily newsletters
Receive realtime Telegram/Whatsapp news updates
Download original Judgements / Order / Notifications / Circulars, etc
