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Income-tax department can’t claim any priority in payment from liquidation estate under Insolvency and Bankruptcy Code – HC

The High Court of Andhra Pradesh & Telangana in the case of Leo Edibles & Fats Ltd held that “The Income-tax Department does not enjoy the status of a secured creditor, on par with a secured creditor covered by a mortgage or other security interest, who can avail the provisions of section 52. At best, it can only claim a charge under the attachment order, in terms of section 281 of the Act of 1961″. 

To download the complete order, Leo Edibles & Fats Limited vs The Tax Recovery Officer

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