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Secured creditors club in IBC no longer a closed one

A recent Supreme Court ruling that certain state government tax dues are secured has yet again jolted the foundation of the Insolvency and Bankruptcy Code

September 20, 2022 / 11:40 AM IST
Secured creditors club in IBC no longer a closed one

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Chip by chip, the supposedly solid fortress of the Insolvency and Bankruptcy Code is breaking down. IBC was seen as a single-window debt and insolvency resolution law. It was not only intended to be strictly time bound but also to be foolproof against litigation and legal interpretations that would affect these cherished qualities. Yet, over the years, the structure of this law has been attacked from different angles and supposedly black and white provisions are being seen through different...

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