Tag: Waterfall Mechanism

Supreme Court Upholds that Dues of Central Board of Indirect Taxes & Customs, Department of Revenue to be paid according to the Waterfall Mechanism

Tuesday November 21, 2023. BY Tanishka Sahajwalla and Shivangi Dubey | Insolvency & Bankruptcy

In a notable Judgment dated 30.10.2023 in the case of Principal Commissioner of Customs V Rajendra Prasad Tak & Ors[1], the Hon’ble Supreme Court held that the dues of the Central Board of Indirect Taxes

Supreme Court Reaffirms Rainbow Papers Case Law, Dismisses Review Petition

Supreme Court Re-Affirms The Law Laid Down In The Case Of Rainbow Papers By Dismissing Review Petition

Thursday November 2, 2023. BY Shivangi Dubey and Abdullah Qureshi | Insolvency & Bankruptcy

Introduction The recent judgment of the Supreme Court comes as a major drawback to lenders as the Court dismissed the Review Petitions filed by the Lenders seeking review of earlier judgment passed by the Court.