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