Challenge against approved Resolution Plan dismissed as requirement of Section 30(2) of IBC ode duly satisfied

Assistant Commissioner of Central Tax Vs Sreenivasa Rao Ravinuthala (NCLAT Chennai) NCLAT Chennai held that dues under ‘Central Excise Act, 1944’ would have first charge only after the dues under the Provisions of the Code are recovered. Accordingly, application against approved Resolution Plan dismissed as Resolution Plan meets requirement of Section 30(2) of the Code. Facts- Challenge in this Appeal is to the Impugned Order passed by National Company Law Appellate Tribunal, Hyderabad Bench, allowing the Application preferred by the Resolution Professional of the Corporate Debtor Company,...