The appeals were filed under Section 62 of the Insolvency and Bankruptcy Code (IBC) against a judgment and order dated 19th December 2019, passed by the National Company Law Appellate Tribunal (NCLAT). The NCLAT dismissed Company Appeal (AT)(Insolvency) No. 404 of 2019, which was filed by the appellant against an order dated 27th February 2019, issued by the Adjudicating Authority. The Adjudicating Authority had rejected the application being I.A No.224/271/272/337 of 2018 and P-01 of 2019 in C.P. No. (IB) 88/9/NCLT/AHM/2017 filed by the appellants. The NCLAT held that the Government cannot claim first charge over the property of the Corporate Debtor, as Section 48 of the Gujarat Value Added Tax (GVAT) Act, 2003, which provides for first charge on the property of a
…Rainbow Papers Limited (the respondent) was engaged in the business of manufacture and sale of Crafts and Oars within and outside the State of Gujarat since 16th April, 1990. The State Tax Officer (1) (the appellant) assessed Value Added Tax (VAT) and Central Sales Tax (CST) under the GVAT Act to the respondent. An amount of Rs.53,71,65,489/- was due from the Respondent to the Sales Tax authorities towards CST and VAT. Recovery proceedings were initiated against the respondent on or about 8th July, 2016, for the dues of the year 2011-2012, and the appellant attached the property of the respondent on 8th October, 2018. Neeraj Papers Private Limited, as operational creditor of the respondent, filed Company Petition (IB) No.88 of 2017 under Section 9 of the IBC before
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Rainbow Papers Limited engaged in the business…
Recovery proceedings were…
The appeals were filed under Section 62 of the Insolvency and Bankruptcy Code (IBC) against a judgment and order dated 19th December 2019, passed by the National Company Law Appellate Tribunal (NCLAT). The NCLAT dismissed Company Appeal (AT)(Insolvency) No. 404 of 2019, which was filed by the appellant against an order dated 27th February 2019, issued by the Adjudicating Authority. The Adjudicating Authority had rejected the application being I.A No.224/271/272/337 of 2018 and P-01 of 2019 in C.P. No. (IB) 88/9/NCLT/AHM/2017 filed by the appellants. The NCLAT held that the Government cannot claim first charge over the property of the Corporate Debtor, as Section 48 of the Gujarat Value Added Tax (GVAT) Act, 2003, which provides for first charge on the property of a
…Rainbow Papers Limited (the respondent) was engaged in the business of manufacture and sale of Crafts and Oars within and outside the State of Gujarat since 16th April, 1990. The State Tax Officer (1) (the appellant) assessed Value Added Tax (VAT) and Central Sales Tax (CST) under the GVAT Act to the respondent. An amount of Rs.53,71,65,489/- was due from the Respondent to the Sales Tax authorities towards CST and VAT. Recovery proceedings were initiated against the respondent on or about 8th July, 2016, for the dues of the year 2011-2012, and the appellant attached the property of the respondent on 8th October, 2018. Neeraj Papers Private Limited, as operational creditor of the respondent, filed Company Petition (IB) No.88 of 2017 under Section 9 of the IBC before
…Rainbow Papers Limited engaged in the business…
Recovery proceedings were…