TMI Blog2021 (3) TMI 26X X X X Extracts X X X X X X X X Extracts X X X X ..... time-bound to maximize the value and all the Creditors are entitled to get their dues only in terms of Section 53 of I B Code, 2016 and different Creditors cannot be allowed to resort to different proceedings and enactments only because they are Authorities under earlier enactments considering the Provision of Section 238 of I B Code, 2016. The Adjudicating Authority has failed to exercise jurisdiction vested in it to give relief to the Appellant in the context of the position of law under Section 238 of IBC. Appeal allowed - decided in favor of appellant. - Company Appeal ( AT ) ( Insolvency ) No. 32 of 2021 - - - Dated:- 25-2-2021 - [ Justice A.I.S. Cheema ] Member ( Judicial ) And [ Dr. Alok Srivastava ] Member ( Technical ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... icant has not responded, i.e. within seven days from the date of receipt of the notice, as stipulated in the notice itself. It is the prime duty of the liquidator to apprise the competent authority of the State Tax office, Vadodara, about the present status and give appropriate reply to the said notice. Instead of doing that, approached this Adjudicating Authority. In our opinion, it is not wise to transgress with the jurisdiction of the competent authority of State Tax, as the State Tax Authority is having ample power to take cognizance of the matter by passing any appropriate order. Under such circumstance, the liquidator may approach before the competent authority, i.e. office of the State Tax, and get redress and / or apprise ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ns of I B Code, 2016 and one Operational Creditor cannot march over the other claimants without standing in queue under Section 53 of I B Code, 2016 and the Provisions of I B Code, 2016 being complete Code and I B Code, 2016 being subsequent enactment of the Central Government, the earlier Gujarat Value Added Tax Act giving right to seize and recover is inconsistent and not binding. It is argued that the Adjudicating Authority failed to exercise jurisdiction vested in it and to invoke section 238 of I B Code, 2016. 6. Having gone through the matter, we find substance in the submissions made by the Learned Counsel for the Appellant. The Learned Counsel for the Appellant is submitting that the Respondent No. 1 has filed claim eve ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... parties and Authorities under the Sales Tax Act to get the Account defreezed. Learned Counsel submits, and, rightly says that Liquidation Proceedings are time-bound to maximize the value and all the Creditors are entitled to get their dues only in terms of Section 53 of I B Code, 2016 and different Creditors cannot be allowed to resort to different proceedings and enactments only because they are Authorities under earlier enactments considering the Provision of Section 238 of I B Code, 2016. 9. We accept the submissions made by the Learned Counsel for the Appellant. 10. We find that the Adjudicating Authority has failed to exercise jurisdiction vested in it to give relief to the Appellant in the context of the position of law unde ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
