Government being a secured creditor can claim first charge: SC

Advertisement State Tax Officer Vs Rainbow Papers Limited (Supreme Court of India) Held that Section 48 of the GVAT Act is not contrary to or inconsistent with Section 53 of the IBC. U/s. 53(1)(b)(ii), the debts owed to a secured creditor, which would include the State under the GVAT Act. Accordingly, the Government can claim first charge over the property of the Corporate Debtor Facts- These appeal against the judgement and order passed by NCLAT dismissing the appeal of the appellants holding that the Government cannot claim first charge over the property of the Corporate Debtor as section...