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2021 (1) TMI 183 - Tri - Insolvency and BankruptcyRelease of attached property - Inconsistency between IB Code and Gujarat VAT Act - attachment of raw materials, stock, machinery, factory building and land of the Corporate Debtor, during the period of CIRP - Applicant's contention is that if the assets/ properties are under charge/ attachment, then in that case, Corporate Debtor's asset/ property cannot be auctioned under Liquidation process and as such the very object of the IB Code will get frustrated - HELD THAT:- Admittedly, the assets/ property of the Corporate Debtor is under attachment/ charge of the Respondent. In view of Section 238 of the IB Code, when there is/ are any inconsistency between IB Code and any other law, IB Code will prevail - Under the facts and circumstances, the application so filed is partially allowed and Respondent No. 1 is hereby, directed to release the property of the Corporate Debtor so attached, in favour of the Liquidator and further directed to claim their dues before the Liquidator. Applicant is hereby directed to file an application before the competent authority i.e. Mamlatdar cum Executive Magistrate, Taluk Seva Sdan, Nr. Vanikar Club, Mehsana for appropriate order, as records are required to be rectified by the revenue authorities for which this Bench has no jurisdiction, relying upon the judgement of Hon'ble Supreme Court in PR. COMMISSIONER OF INCOME TAX VERSUS MONNET ISPAT AND ENERGY LTD. [2018 (8) TMI 1775 - SC ORDER] as Section 238 of IB Code shall prevail, whenever there is any inconsistency between IB Code and any other law. Application disposed off.
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