Dues of the CBIC, Department of Revenue will be paid as per the waterfall mechanism stipulated under the IBC


Last updated: 20 November 2023

Court :
Supreme Court of India

Brief :
The Hon'ble Supreme Court in the case of Principal Commissioner of Customs v. Rajendra Prasad Tak & Ors [Civil Appeal Nos. 6432-6433 of 2023 dated October 30, 2023] reinforces the primacy of the waterfall mechanism under the Insolvency and Bankruptcy Code in Section 53 of the Insolvency and Bankruptcy Code, 2016 ("the IBC").

Citation :
Civil Appeal Nos. 6432-6433 of 2023 dated October 30, 2023

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