Gujarat State Tax Department is secured creditor hence direction to RP to release amount justified

Cosmos CO. OP. Bank Ltd Vs Kailash T. Shah (NCLAT Delhi) NCLAT Delhi held that direction to resolution professional to release the amount to Gujarat State Tax Department treating it as secured creditor under Section 48 of the Gujarat Value Added Tax Act, 2003 is justifiable as NCLT is obliged to apply decision of Supreme Court. Facts- The present appeal has been filed under Section 61 of the Insolvency and Bankruptcy Code, 2016 by The Cosmos Co-operative Bank Ltd., the sole Financial Creditor and member of the Committee of Creditors of Sterling Lam Limited (the Corporate Debtor). The appeal ...