JUDGEMENT

Per Justice N. Seshasayee, Member (Judicial)

1.This appeal arises out of the Order of the Adjudicating Authority (NCLT, Ahmedabad Bench), dated 19.02.2025 in I.A. No. 1077 of 2023 in C.P. (IB) No. 563/9/04.01.2023, NCLT/AHM/2019 by which it has directed that the corporate debtor be dissolved post liquidation process. And, the appellant contends that it should have been treated as a secured creditor in the distribution process under Sec.53 of the Code.

Facts

2. The material facts are:

a) The appellant is the Sales Tax Authority of the State of Gujarat and the CD, M/s. Shree Raghuvanshi Fibres Pvt. Ltd., fell in arrears of VAT under the Gujarat Value Added Tax Act, 2003 (henceforth GVAT Act) and also CST for four assessment years from 2014-2015 to 2017-2018. According to the appellant a statutory first charge is created in terms of Sec.48 of the GVAT Act. On 05.09.2019, the appellant initiated recovery steps and addressed a communication dated 05.09.2019 to the jurisdictional Mamlatdar seeking attachment and for recording of charge over the immovable properties of the Corporate Debtor. (However, Mamlatdar’s records do not disclose any such charge or attachment of the asset of th