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TMI Blog2019 (11) TMI 1391X X X X Extracts X X X X X X X X Extracts X X X X ..... 57/2019 In CP No.1514/I&BC/NCLT/MB/MAH/2017 - - - Dated:- 18-11-2019 - Allahabad Bank, Sanjay Kumar Agarwal, (Liquidator of Biotor Industries Limited) Versus Versus Assistant Commissioner of Commercial Tax, Assistant Commissioner of Commercial Tax, Mamlatkar, Vadodara Mahanagar Sevasadan, Recovery Officer, Sales Tax, Mumbai, Deputy Director, Director of Enforcement, The Agricultural Produce Market Committee, Bank of Maharashtra, M.K. Shrawat, Member (J) For the Petitioner: Counsel Mr. Jitendra Jain, Counsel Mr. Rohit Gupta, Advocate Ms. Vrinda Tanna Advocate Ms. Nirupama Kar i/b Interjuris for Agricultural Produce Market Committee. For the Respondent: Counsel Mr. Mayur Khandeparkar, Advocate Ayush Agarwala from Krishnamurthy Co. for the Liquidator. M.K. Shrawat, (A) MA-1846/2019 In CP-1514/2017 1. This is an Application by Mrs. Vandanaben Yogesbhai Patel, the Chairman of Agricultural Market Produce Committee, Vadodara for an Order in respect of the substantive prayers reproduced below :- (b) The Hon ble Tribunal may be pleased to allow the Applicant to deal with the said property attached by Mamlatdar and realize the value of the secured asset to ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... is Application that the claim amount be treated at par with Secured Creditors in case of liquidation of assets. 6. Having heard the submissions of both the sides and considering the Law applicable, at the outset, it is mandatory to decide this issue as per the provisions of Section 53 of the I B Code which prescribes the distribution of the proceeds from the sale of the liquidation assets as per the manner and as per the Order of priority laid down therein. It reads as under :- (1) Notwithstanding anything to the contrary contained in any law enacted by the Parliament or any State Legislature for the time being in force, the proceeds from the sale of the liquidation assets shall be distributed in the following order of priority and within such period and in such manner as may be specified, namely :- (a) the insolvency resolution process costs and the liquidation costs paid in full; (b) the following debts which shall rank equally between and among the following :- (i) workmen s dues for the period of twenty-four months preceding the liquidation commencement date; and (ii) debts owed to a secured creditor in the event such secured creditor has relinquished secur ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ts (i.e. from 1 January 2019 till the date Respondent Nos. 1 to 7 raise/release the attachments on the assets mentioned in Annexure E) for the purpose of calculating the period for completion of liquidation under the Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016. 2. At the outset, it is worth to place on record that this Application is moved against various Government and Semi-Government Authorities made hereinabove Respondents. 3. It is also necessary to reproduce relevant portions from the Order dated 31.12.2018 passed under section 33(1) and (2) of IBC through which, liquidation was Ordered and the Liquidator was appointed and while passing the Order, made observation in respect of the issue of attachment as under :- (11) The RP has further detailed in his Application the properties of the Corporate Debtor attached by various authorities viz (i) Sales Tax Dept., Vadodara, Gujarat (ii) Income Tax Dept., Mumbai. (iii) Vadodara Municipal Sevasadan, Gujarat. (iv) Directorate of Enforcement, Ahmedabad, Gujarat. (v) Recovery Officer, DRT-II, Ahmedabad. (12) These Departments have respectively attached number of properties ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... is a first step of law to secure the property to avoid any apprehension of sale or dispose of by any means, however, the final remedy is the Liquidation of those attached properties by due process of law. On realization of the Liquidated value the outstanding dues of all the concerned authorities shall be satisfied depending upon the consideration realized on disposal of those properties. 4. Despite the above directions, as informed by the Liquidator, the attachment on the assets was not lifted by the concerned authorities. During the interregnum a direction was given on 26.03.2019 that, (4) In respect of outstanding Tax from Sales Tax Department and others from the side of the Liquidator written submissions are on record. Copy to be handed over to the Learned Representatives of the Department. (5) As per the procedure presently the attachment, if any, is to be lifted. If the departments have any objections, they can file the same, otherwise Order to this effect shall be passed on the next date of hearing . 5. This Bench is pained to take note of the fact, as affirmed by the Liquidator, that inspite of the clear directions the attachment has not been lifted, thus causing ..... 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