# n the matter of Gangotri Glazed Tiles Private Limited MA No. 02 of 2021 in CP (IB) No. 473-NCLT-AHM-2018

> NCLT judgment dated 2021-09-20. Citation: TCN-2021-NCLT-01076. The case involves an application by the liquidator of Gangotri Glazed Tiles Pvt. Ltd, seeking…

- **Court:** NCLT
- **Order date:** 20 Sept 2021
- **Citation:** TCN-2021-NCLT-01076
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/n-the-matter-of-gangotri-glazed-tiles-private-limited-ma-no-02-of-2021-in-cp-ib-73674aae

## Summary

### Background

The case involves an application by the liquidator of Gangotri Glazed Tiles Pvt. Ltd, seeking direction against the State Tax Officer to release the charge created by the respondent on the land belonging to the corporate debtor. The corporate debtor was admitted into CIRP, and subsequently, taken into liquidation. The secured financial creditor, Rajkot Nagrik Sahkari Bank Limited, had initiated proceedings to take over the custody and secured possession of the land, only to discover that the Asst. Commissioner of State Tax had created a second charge on the land.

## Facts

Gangotri Glazed Tiles Pvt. Ltd. was admitted into CIRP by an order dated 2020-01-27. Form A was published on 2020-02-03. The Corporate Debtor had obtained financial facility from Rajkot Nagrik Sahakari Bank Limited, the Secured Financial Creditor. The Corporate Debtor was taken into Liquidation by an order dated 2020-11-02. The Secured Financial Creditor submitted its claim and sought to realize its secured interest. The possession of the secured asset (immovable property in Morbi District) was handed over to the Liquidator. The Financial Creditor discovered that the Asst. Commissioner of State Tax had created a second charge on the land on 2019-08-20. The Financial Creditor approached the Liquidator, who requested the State Tax Officer to release the charge. The State

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## Issues and analysis

### Issue 1: Whether the application filed by the Liquidator is maintainable under the provisions of the IB …

**Ratio:** Section 52(5) of the IB Code stipulates that if a secured creditor faces resistance in

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**Reasoning:** The court reasoned that the responsibility to approach the Adjudicating Authority lies

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**Interpretation:** Section 52(5) clearly outlines the procedure for secured creditors facing

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**Application:** Since the Secured Financial Creditor faced resistance from the State Tax

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## Parties

- **Judges:** Madan B.…; Virendra Kumar…
- **Appellants:** Keyur J Shah…
- **Respondents:** Gangotri Glazed…; State Tax…

## Timeline

- **2018-01-01 — CP(IB) F…**: CP(IB) No.473/NCLT/AHM/2…
- **2020-01-27 — CIRP Admi…**: Corporate Debtor…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 35 — Powers and duties of liquidator](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-35)

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