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The insolvency and bankruptcy code simply isn't working, despite dozens of amendments and good intent. An inside look at its flaws, and how to make it work - Issue Date: Aug 06, 2023
The Supreme Court has ruled that the Insolvency and Bankruptcy Code (IBC) overrides the provision of the Electricity Act, 2003, in view of Section 238 of the IBC.
The Court also observed that 'Rainbow Papers' judgment did not consider 'waterfall mechanism' under IBC.
"The guarantee has been approved by the department of financial services (DFS) earlier this week. It is now expected that NARCL will complete the take over of SPML debt by next week, the first takeover by the bad bank in more than three months," said a person aware of the process.
![[The Viewpoint] IBC and Criminal Liability – Not Negotiable - Vimarsana News](https://gumlet.assettype.com/barandbench%2F2023-04%2Ff849d595-c89d-447d-b011-6b2f40984995%2FWhatsApp_Image_2023_04_10_at_13_49_36.jpeg?w=1200&auto=format%2Ccompress&ogImage=true&enlarge=true)
This article briefly analyses the decision of the Supreme Court in Ajay Kumar Radheyshyam Goenka v. Tourism Finance Corporation India Ltd.