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2019 (11) TMI 1391 - Tri - Companies LawLifting of attachment of the attached property and its sale thereafter - Distribution of the proceeds from the sale of the liquidation asset - Section 53 of the I&B Code - HELD THAT:- Under the various clauses of Section 53 the debt in question of APMC does fall under section 53 (1) (e) and shall rank equally between and among the Government dues. Since a water-fall mechanism has already been prescribed under the I&B Code, therefore, this Bench has no jurisdiction to alter the list of priority as already enshrined in the Code. As per the priority list the government dues are at sub-clause (e) of Section 53(1) of the I&B Code. The Liquidator is hereby directed to admit the claim of the Applicant (APMC) as submitted vide Form-G dated 21.01.2019 and should consider at the time of distribution of sale proceeds on liquidation of assets - the Application is partly allowed protanto.
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