SC Dismisses Appeal Due to 253-Day Delay Under IBC Limitation Rules

Commercial Tax Department Vs Shailendra Ajmera & Anr. (Supreme Court of India) The matter arose from an appeal filed by the Commercial Tax Department (CTD) challenging the approval of a resolution plan by the National Company Law Tribunal (NCLT), Mumbai Bench, under Section 30(6) of the Insolvency and Bankruptcy Code, 2016 (IBC). The CTD contended that its statutory dues under Section 33 of the MPVAT Act, 2002 created a first charge on the assets of the corporate debtor, and therefore it should have been treated as a secured creditor rather than an operational creditor in the resolution pl...