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Bank of India (BoI) was the last bank to give its consent for the transfer of the debt to Rare late last month, following which the process for the transfer of the debt has been initiated, three people familiar with the development said.
The PVVNL pronouncement is a major relief for the creditors and financial institutions constantly pressing for clarity on the issue.
![[The Viewpoint] Conundrum on Priority of Government Dues - Vimarsana News](https://gumlet.assettype.com/barandbench%2F2023-08%2Fe0df5328-21a8-42de-8600-1d50873d1d6d%2FWhatsApp_Image_2023_08_22_at_09_36_47.jpeg?w=1200&auto=format%2Ccompress&ogImage=true&enlarge=true)
The article discusses the Priority of Government Dues with reference to two judgments, State Tax Officer v. Rainbow Papers Ltd and Paschimanchal Vidyut Vitran Nigam Ltd. v. Raman Ispat Pvt. Ltd.
New precedents and conflicting judgments by the Supreme Court and NCLTs are adding complexity to Insolvency and Bankruptcy Code (IBC) cases, calling for urgent reforms and fast-track benches
Arun Panchariya has been involved in similar issues, going by investigations done by the regulator’s officials over a decade