# In the matter of Asian Natural Resources (India) Ltd. Appeal No. IA No. 456-2018 in CP (IB) No. 19-7-NCLT-AHM-2017

> NCLT judgment dated 2020-03-20. Citation: TCN-2020-NCLT-01436. The State Tax Officer filed an appeal under Section 42 of the Insolvency and Bankruptcy Code,…

- **Court:** NCLT
- **Order date:** 20 Mar 2020
- **Citation:** TCN-2020-NCLT-01436
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/asian-natural-resources-india-ltd-appeal-no-ia-no-456-2018-in-cp-ib-no-19-7-nclt-d9eadd9f

## Summary

### Background

The State Tax Officer filed an appeal under Section 42 of the Insolvency and Bankruptcy Code, 2016, challenging the rejection of their claim by the Official Liquidator. The State Tax Officer sought to be recognized as a secured creditor, arguing that their dues should be prioritized due to the Gujarat Value Added Tax Act, 2003, which grants a first charge on the property of a corporate debtor. The liquidator classified the State Tax Officer as a statutory creditor, leading to the appeal.

## Facts

The State Tax Officer (1) filed an appeal against the liquidator's decision to classify them as a statutory creditor instead of a secured creditor. The liquidator, Abhishek Nagori, was appointed for Asian Natural Resources (India) Limited (Corporate Debtor). The State Tax Officer claimed dues of Rs. 15,15,78,102/- under the Gujarat Value Added Tax Act, 2003, asserting a first charge on the corporate debtor's property. The liquidator rejected this claim, citing Section 53 of the Insolvency and Bankruptcy Code (IBC), 2016, which outlines the priority of claims in liquidation. The State Tax Officer argued that Section 48 of the Gujarat Value Added Tax Act grants them a secured creditor status. The respondent No.2, previously known as M/s Bhatia International Limited, was

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## Issues and analysis

### Issue 1: Whether the State Tax Officer can be considered a secured creditor under the Insolvency and …

**Ratio:** The Insolvency and Bankruptcy Code (IBC), 2016, has an overriding effect over other laws,

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**Reasoning:** The court reasoned that the IBC is a comprehensive code designed to resolve insolvency

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**Interpretation:** The Gujarat Value Added Tax Act, 2003, grants a first charge on the property of

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**Application:** In this case, the State Tax Officer's claim for secured creditor status based

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## Parties

- **Judges:** Harihar Prakash…; Prasanta Kumar…
- **Appellants:** State Tax O…
- **Respondents:** Asian Natural…; Abhishek…

## Timeline

- **2018-02-09 — Appointment of…**: Abhishek Nagori appointed as liquidator of Asian Natural Resources (India) Limited by…
- **2018-08-06 — Recovery Proceedings…**: Recovery proceedings initiated by Authorises of Commercial Tax Department against the…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 42 — Appeal against the decision of liquidator](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-42)

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