Under Section 53(1)(b)(ii) of IBC, the debts owed to a secured creditor, which would include the State under the Gujarat Value Added Tax, 2003, are to rank equally with other specified debts including debts on account of workman’s dues for a period of 24 months preceding the liquidation commencement date – State Tax Officer (1) Vs. Rainbow Papers Ltd. – Supreme Court

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Once Liquidator applies to the NCLT for the decision to sell the movable and immovable assets of the Corporate Debtor in liquidation by adopting a particular mode of sale and NCLT grants approval to such a decision, there is no provision in the IBC that empowers the NCLAT to suo motu conduct a judicial review of the said decision – R.K. Industries (Unit-II) LLP Vs. H.R. Commercials Pvt. Ltd. and Other – Supreme Court of India

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