NCLT reiterates that the tax department is a secured creditor

Recently, the National Company Law Tribunal (NCLT), Chandigarh Bench has allowed an application filed by the income tax department under Insolvency & Bankruptcy Code, 2016 (IBC) inter alia appealed for directions to Resolution Professional of Recorders & Medicare Systems Pvt. Ltd. (Corporate Debtor), to consider tax department’s claim w.r.t the outstanding amount and other reliefs as deemed fit by the NCLT. The issue involved in this important ruling is summarized in the following paragraphs.

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