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2020 (6) TMI 392 - AT - Insolvency and BankruptcyCIRP proceedings - Whether the income tax department is a Secured Creditor. - Attachment of Refund - time limitation in terms of sub-section (2) of Section 281B of the Income-tax Act, 1961 - the Adjudicating Authority directed the Income-tax Department to release the refund amount HELD THAT:- We have brought it to the notice of learned counsel for the Appellant that in Form B of Insolvency and Bankruptcy Board of India (Corporate Insolvency Resolution Process) Regulation there is no provision made for Operational Creditors to claim that Corporate Debtor has created security interest. On the other hand, in Form C, which is meant for Financial Creditors, there is specific provision for Financial Creditor to state as to whether the security interest is created by Corporate Debtor or not. In view of the aforesaid lacuna, even the Income-tax Department if Secured Creditor, cannot claim to be a Secured Creditor when Form B is filed. How the matter is sorted out is upto the Liquidator to decide in terms of the I&B Code - V Appeal disposed off.
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