Appellant’s claim under Maharashtra Value Added Tax, 2002 and GST cannot be accepted as Secured Creditor and as per Section 30(2) of the IBC – Department of State Tax, Through The Deputy Commissioner of State Tax Vs. Pranav Constructions Systems Pvt. Ltd. & Anr. – NCLAT New Delhi
Hon’ble NCLAT referring judgment in Department of State Tax v. Zicom Saas Pvt. Ltd. & Anr. (2023) ibclaw.in 109 NCLAT, holds that Appellant’s claim cannot be accepted as Secured Creditor and as per Section 30(2) of the Code, the Appellant was entitled only for amount not less than the amount to be received by the Appellant in event of liquidation. Present is not a case where it is claimed that amount is less than the liquidation value.