Dues of income tax department classifiable as secured creditors

PCIT Vs Assam Company India Ltd. (NCLAT Delhi)

NCLAT Delhi held that the dues of income tax department are ‘Government dues’ and they are secured creditors.

Facts- A Financial Creditor i.e. Seri Infrastructure Pvt. Ltd. had approached NCLT by filing an application u/s. 7 of the Insolvency and Bankruptcy Code,2016 seeking initiation of corporate insolvency resolution process (“CIRP”) of the Assam Company India Ltd. (“Corporate Debtor”).

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