The case involves an appeal filed by the Commercial Tax Department against an order dated 25.08.2022, where the department was treated as an unsecured creditor in the resolution plan of M/s Rajpal Abhikaran Pvt. Ltd. The Corporate Insolvency Resolution Process (CIRP) was initiated against the corporate debtor, and a resolution plan submitted by Agarwal Real City Pvt. Ltd. was approved. The appellant contends that its statutory demand should have been considered as a secured debt, relying on a Supreme Court decision in Rainbow Papers Limited. The appeal challenges the Adjudicating Authority's decision to treat the tax department's claim as unsecured.
M/s Chandraudai Automobiles Pvt. Ltd. initiated Corporate Insolvency Resolution Process (CIRP) against M/s Rajpal Abhikaran Pvt. Ltd. under Section 9 of the Insolvency and Bankruptcy Code, 2016. The application was admitted, and an Interim Resolution Professional (IRP) was appointed. The IRP formed a Committee of Creditors (CoC) with various financial creditors, including State Bank of India and Suraksha ARC. A resolution plan submitted by Agarwal Real City Pvt. Ltd. was approved by the CoC with 90.41% votes. The Commercial Tax Department, Government of Madhya Pradesh, filed a claim but was treated as an unsecured creditor. The department's claim amounted to Rs. 12,61,57,345/-, filed vide Form B dated 29.07.2021. The department argued that its statutory demand should
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CP (IB) No. 6 of 2020…
Application admitted by the Adjudicating…
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The case involves an appeal filed by the Commercial Tax Department against an order dated 25.08.2022, where the department was treated as an unsecured creditor in the resolution plan of M/s Rajpal Abhikaran Pvt. Ltd. The Corporate Insolvency Resolution Process (CIRP) was initiated against the corporate debtor, and a resolution plan submitted by Agarwal Real City Pvt. Ltd. was approved. The appellant contends that its statutory demand should have been considered as a secured debt, relying on a Supreme Court decision in Rainbow Papers Limited. The appeal challenges the Adjudicating Authority's decision to treat the tax department's claim as unsecured.
M/s Chandraudai Automobiles Pvt. Ltd. initiated Corporate Insolvency Resolution Process (CIRP) against M/s Rajpal Abhikaran Pvt. Ltd. under Section 9 of the Insolvency and Bankruptcy Code, 2016. The application was admitted, and an Interim Resolution Professional (IRP) was appointed. The IRP formed a Committee of Creditors (CoC) with various financial creditors, including State Bank of India and Suraksha ARC. A resolution plan submitted by Agarwal Real City Pvt. Ltd. was approved by the CoC with 90.41% votes. The Commercial Tax Department, Government of Madhya Pradesh, filed a claim but was treated as an unsecured creditor. The department's claim amounted to Rs. 12,61,57,345/-, filed vide Form B dated 29.07.2021. The department argued that its statutory demand should
…CP (IB) No. 6 of 2020…
Application admitted by the Adjudicating…
Sign in to view related legal provisions.