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No attachment of property as statutory tax charge was not a secured interest under IBC Amendment
Case Law Details
- Case Name
- Avenue Realty Vs Assistant Commissioner (Madras High Court)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Courts
- All High Courts, Madras High Court
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Avenue Realty Vs Assistant Commissioner (Madras High Court)
Conclusion: A statutory tax charge d noidt constitute a secured interest under the Insolvency and Bankruptcy Code (IBC) therefore, the Court directed the removal of the TNVAT Department’s attachment over the corporate debtor’s property.
Held: Appellant emerged as a successful auction purchaser in liquidation proceedings and acquired the property through a public auction conducted by the liquidator on 24.10.2024. The subject property originally belonged to a corporate debtor (RLS Alloys Pvt. Ltd.) which was ordered into liquidation...
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