Case update: Paschimanchal Vidyut Vitran Nigam Limited v. Raman Ispat Private Limited & Others
In a recent case the Supreme Court of India reversed its previous decision of September 2022 in the matter of State Tax Officer v. Rainbow Papers. In this “Rainbow judgment”, it was established that the State held the status of a ‘secured creditor’ as defined by the Insolvency and Bankruptcy Code.