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2020 (1) TMI 1661 - NATIONAL COMPANY LAW APPELLATE TRIBUNAL, NEW DELHIRecovery of dues - priority of dues - appellant is Secured Operational Creditor or not, being State Tax Officer from the Office of Assistant Commissioner of State Tax in Gujarat - appellant submits that she is not claiming on the basis of first charge but the Security this Section creates - HELD THAT:- This Tribunal has already taken a view with regard to this Section in TOURISM FINANCE CORPORATION OF INDIA LTD., VIRAG ENTERPRISE, STATE TAX OFFICER (1) , REGIONAL PROVIDENT FUND COMMISSIONER-I, AHMEDABAD VERSUS RAINBOW PAPERS LTD., RAMCHANDRA D. CHAUDHARY, RP OF RAINBOW PAPERS LTD., RAMCHANDRA D. CHOUDHARY [2019 (12) TMI 1490 - NATIONAL COMPANY LAW APPELLATE TRIBUNAL, NEW DELHI] has held that Section 48 cannot prevail over Section 53. Therefore, the Appellant - 'State Tax Officer- (1)' do not come within the meaning of 'Secured Creditor' as defined under Section 3(30) read with Section 3(31) of the 'I&B Code'. Considering the Judgment already passed by this Tribunal and which is of a larger Bench, it appears that the present Appeal cannot be allowed in view of the view taken by this Tribunal in the matter of "Tourism Finance Corporation" - appeal dismissed.
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