TMI Blog2020 (1) TMI 1661X X X X Extracts X X X X X X X X Extracts X X X X ..... E, STATE TAX OFFICER (1) , REGIONAL PROVIDENT FUND COMMISSIONER-I, AHMEDABAD VERSUS RAINBOW PAPERS LTD., RAMCHANDRA D. CHAUDHARY, RP OF RAINBOW PAPERS LTD., RAMCHANDRA D. CHOUDHARY [ 2019 (12) TMI 1490 - NATIONAL COMPANY LAW APPELLATE TRIBUNAL, NEW DELHI ] has held that Section 48 cannot prevail over Section 53. Therefore, the Appellant - 'State Tax Officer- (1)' do not come within the meaning of 'Secured Creditor' as defined under Section 3(30) read with Section 3(31) of the 'I B Code'. Considering the Judgment already passed by this Tribunal and which is of a larger Bench, it appears that the present Appeal cannot be allowed in view of the view taken by this Tribunal in the matter of Tourism Finance Corpo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... applicant has prayed for considering them i.e. State Tax Officer, as a Secured Creditor. Since, the law has already been settled in the Arcelor Mittal case, wherein, State Tax Officer are considered as Operational Creditor, in view of that, the prayer with regard to this issue is not allowed. Accordingly, the Inv. P 19/2019 is partially allowed and disposed of with the above observation. 2. The learned Counsel for the Appellant submits that by the Order, the Adjudicating Authority directed the Resolution Professional to consider the claim of the Appellant but did not accept the prayer of the Appellant to treat the Appellant as a Secured Creditor and the present Appeal has been filed in view of that finding of the Adjudicating Authori ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Company Appeal (AT) (Insolvency) No. 354 of 2019 in the matter of Tourism Finance Corporation of India Ltd. Vs. Rainbow Papers Ltd. Ors. dated 19.12.2019 In the Judgment in Para-38, after referring to the above Section, this Tribunal has held as under:- 38. In view of Statement of Objects and Reasons of the 'I B Code' read with Section 53 of the 'I B Code', the Government cannot claim first charge over the property of the 'Corporate Debtor'. Section 48 cannot prevail over Section 53. Therefore, the Appellant - 'State Tax Officer- (1)' do not come within the meaning of 'Secured Creditor' as defined under Section 3(30) read with Section 3(31) of the 'I B Code'. 7. Considering the J ..... X X X X Extracts X X X X X X X X Extracts X X X X
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