9911796707
TMI Blog2023 (2) TMI 1170X X X X Extracts X X X X X X X X Extracts X X X X ..... esent Appeal, distinction between the provisions 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. 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) - thus, no ground ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... [2022 SCC OnLine SC 1161]. It is submitted that the Adjudicating Authority committed error in not accepting the entire claim of the Appellant which was admitted. Learned Counsel for the Appellant has relied on the provisions of Section 37 of the Maharashtra Value Added Tax Act, 2002. 5. Learned Counsel for the Respondent refuting the submissions of Learned Counsel for the Appellant contends that with regard to the judgement of the Hon ble Supreme Court in State Tax Officer Vs. Rainbow Papers Limited (supra), Review Petition (CIVIL) Diary No. 32268 of 2022 has been filed on which Hon ble Supreme Court has issued notice on 02.02.2023. It is further submitted that in any view of the order, the Judgement in Raibow Papers Limited (supra ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ty of the dealer, or as the case may be, person. 9. When we compare the provisions of Section 48 of the provision of Gujarat Values Added Tax which was relied in Rainbow Papers Limited and the Provisions of Section 37 which is sought to be relied on in the present Appeal, distinction between the provisions 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 Judgem ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
