Commercial Tax Dept was secured creditor u/s 52 of IBC; assessee purchaser was directed to recover its cost from other creditors

Avenue Realty Vs Assistant Commissioner (Madras High Court) Conclusion: Since Assistant Commissioner, Srirangam GST Circle (1st Respondent) was a secured creditor whose rights could not be diluted, the sale effected by the liquidator had compromised its interest. Assessee’s remedy lied in recovering the amounts wrongly disbursed through the liquidation process, with the liquidator assisting in such recovery. Upon full satisfaction of the 1st Respondent’s dues, the attachment should stand vacated. Held: Assessee had purchased the property in an auction conducted by the Liquidator appoin...