2024 (8) TMI 1058 - SCH - Insolvency and Bankruptcy

CIRP - VAT / Sales Tax dues - Treatment of claims as Secured claims vis-a -vis Unsecured claims - Rejection of application of appellant to treat its claim as Secured Creditor during the liquidation under waterfall arrangement as stipulated in Section 53 of IBC - it was held by NCLAT that the Respondent classified remaining admissible outstanding dues as Unsecured debts. The Adjudicating Authority therefore also passed the Impugned Order accordingly based on Resolution Plan put up for approval by CoC through the Respondent - HELD THAT - There are no error in the view taken by the National Company Law Appellate Tribunal. Appeal dismissed.

Summary

The Supreme Court dismissed the appeal after finding no error in the view taken by the National Company Law Appellate Tribunal. Delay was condoned. Appellant represented by Mr. Balbir Singh and others.