Gujarat VAT dues ranks equally with secured creditors under IBC 2016: SC

Sanjay Kumar Agarwal Vs State Tax Officer (1) & Anr. (Supreme Court of India) Introduction: This article delves into the recent review of whether sales tax dues under Section 48 of the Gujarat VAT Act 2003 will rank equally with other specified secured debts for the purpose of Section 53 of the Insolvency and Bankruptcy Code (IBC) 2016. The review process stems from a common Judgment and Order dated 06.09.2022 passed by the Supreme Court in response to Civil Appeal No. 1661 of 2020 and Civil Appeal No. 2568 of 2020, both filed by the State Tax Officer-appellant. Detailed Analysis: In Civil...