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TMI Blog2023 (11) TMI 726X X X X Extracts X X X X X X X X Extracts X X X X ..... been paid to the Operational Creditor in event of liquidation as per waterfall mechanism under Section 53. In judgment of this Tribunal in in Department of State Tax, Through the Dy. Commissioner of State Tax vs. Zicom Saas Pvt. Ltd. Anr. [ 2023 (2) TMI 1170 - NATIONAL COMPANY LAW APPELLATE TRIBUNAL, NEW DELHI ] , the submission on the basis of Rainbow Paper was considered and repelled and 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). There are no grounds have been made to interfere with the order approving the Resolution Plan - appeal dismissed. - [ Justice Ashok Bhushan ] Chairperson , [ Baru ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nsel for the parties and perused the record. 5. The claim filed by the Appellant was as Operational Creditor and it is not shown that Operational Creditor was entitled for any more amount as per Section 30(2)(e) under which the Operational Creditor is entitled for the amount equivalent to the amount which could have been paid to the Operational Creditor in event of liquidation as per waterfall mechanism under Section 53. In judgment of this Tribunal in in Company Appeal (AT) (Ins.) No. 246 of 2022, Department of State Tax, Through the Dy. Commissioner of State Tax vs. Zicom Saas Pvt. Ltd. Anr. , the submission on the basis of Rainbow Paper was considered and repelled. Para 7 to 10 of the judgment are as follows: 7. There are no ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... elied 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 Judgement of the Hon ble Supreme Court in Rainbow Paper Limited relied by Learned Counsel for the Appellant is distinguishable. The Appellant having been treat ..... X X X X Extracts X X X X X X X X Extracts X X X X
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