Municipal property tax backed by a statutory first charge qualifies as secured debt in liquidation

Kolkata Municipal Corporation Vs Gajesh Labhchand Jain (NCLAT Delhi) This appeal was filed by the Kolkata Municipal Corporation (the appellant) challenging the order dated 19 July 2024 passed by the Adjudicating Authority (NCLT, Mumbai Bench, Court IV) in an appeal under Section 42 of the Insolvency and Bankruptcy Code, 2016 (IBC). The Adjudicating Authority had partly allowed the earlier appeal by directing admission of a quantified claim but rejected the appellant’s contention that it was a secured creditor. Aggrieved by the refusal to recognise it as a secured creditor, the appellant appr...