Security interest under the IBC is confined by the clarificatory...

Security interest under the IBC is confined by the clarificatory Explanation to rights arising from an agreement or arrangement between parties, excluding rights created solely by operation of law. Accordingly, a statutory first charge under the GVAT Act and a pre-CIRP attachment constitute a statutory right and an enforcement measure, not consensual security; the related tax dues are operational debt rather than secured debt. Central Sales Tax dues likewise lack secured status because the CST Act creates no statutory first charge, and statutory recovery provisions alone do not create security. GVAT and CST components of a composite tax claim require separate examination for insolvency treatment.