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The Crown versus secured creditors: Who prevails?

Published: September 28, 2023

Treating the government as a secured creditor as the Court did in Rainbow Papers is contrary to the waterfall mechanism under the IBC and could have devastating economic consequences.

Source: barandbench.com

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Manickam ChetiarJohn BowmanSicom LtdUnion Of IndiaBombay High CourtBuilders Supply CorporationBankruptcy Law Reforms CommitteeSupreme CourtHigh Courts BankConstitution Bench Of The Supreme CourtUnder EnglishHigh CourtsConstitution BenchCompanies ActBombay Sales Tax ActSecured CreditorSales Tax Officer Vs Rainbow PapersInsolvency Amp Bankruptcy CodeWaterfall MechanismSupreme Court Of IndiaSupreme Court JudgmentsRainbow Papers Judgment Supreme CourtIbc JudgmentsSection 53 Of Ibc