TMI Blog2023 (8) TMI 258X X X X Extracts X X X X X X X X Extracts X X X X ..... US ZICOM SAAS PVT. LTD. ANR. [ 2023 (2) TMI 1170 - NATIONAL COMPANY LAW APPELLATE TRIBUNAL, NEW DELHI] where it was held that The Appellant having been treated as Operational Creditor allocation of amount in the Resolution Plan cannot be said to be in violation of Section 30 (2)(b). We thus are of the view that no ground has been made to interfere with the Impugned Order. The issues raised in the present Appeal are fully covered by the judgment of this Tribunal in Department of State Tax, Through the Dy. Commissioner of State Tax vs. Zicom Saas Pvt. Ltd. Anr. - appeal dismissed. - [ Justice Ashok Bhushan ] Chairperson And [ Barun Mitra ] Member ( Technical ) For the Appellant : Ms. Shwetal Shepal, Advocate For the R ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n of Section 37 of the Maharashtra Values Added Tax Act, 2002 has been considered in the said judgment and it was held after consideration of the said provision that the Appellant cannot be treated as a Secured Creditor. 5. We have considered the submissions of learned counsel for the parties and perused the record. 6. Similar issues were answered by this Tribunal in the judgment dated 07.02.2023 in Department of State Tax, Through the Dy. Commissioner of State Tax vs. Zicom Saas Pvt. Ltd. Anr. , wherein in Para 7, 8, 9 and 10 following has been held: 7. There are no dispute between the parties regarding the facts which took place in the CIRP and the claim which was admitted in the CIRP. In Rainbow Paper Limited (supra), Sec ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... is clear. Section 37 specifically uses the expression subject to any provision regarding creation of first charge in any central act . The provision itself contemplated thus that Section 37 was subject to any provision in Central Act. The IBC Section 53 itself provides waterfall mechanism which may be treated to be law which has been contemplated under Section 37 of the MVAT Act, 2002. 10. We thus are of the view that the Judgement of the Hon ble Supreme Court in Rainbow Paper Limited relied by Learned Counsel for the Appellant is distinguishable. The Appellant having been treated as Operational Creditor allocation of amount in the Resolution Plan cannot be said to be in violation of Section 30 (2)(b). We thus are of the view that n ..... X X X X Extracts X X X X X X X X Extracts X X X X
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