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2021 (2) TMI 1256 - HC - Insolvency and BankruptcyMaintainability of application - initiation of CIRP - Corporate Debtor failed to make repayment of its dues - Financial Creditors - attachment by way of auctioning the said immovable property for the purpose of monetizing its outstandings of property tax - IBC proceedings are independent and have overriding effect or not - HELD THAT:- This Court finds no reason to agree with the stand taken by the appellants/ the KMC. Apropo the first proposition advanced on behalf of the appellants that the Hon’ble Single Bench in [2021 (3) TMI 430 - CALCUTTA HIGH COURT] had observed on the want or lack of jurisdiction of the NCLT, Kolkata Bench apropo its order impugned dated December 17, 2019, this Court finds that the observations of the Hon’ble Single Bench of its Judgement and Order dated 29th January 2021 [2021 (3) TMI 430 - CALCUTTA HIGH COURT] were only in the nature of a reiteration of the by now well-established legal proposition that the writ Court can only interfere when an inferior Tribunal or authority exercises a jurisdiction which it does not possess. This Court finds the legal position unassailable that the property dues of KMC carry a statutory flavour and therefore being in the nature of crown debts also do not take precedence over the dues of other classes of secured creditors - application dismissed.
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