https://www.taxtmi.com/caselaws?id=367490 On commencement of liquidation, assets forming part of the liquidation estate, including encumbered property, must be administered under the Insolvency and Bankruptcy Code, 2016, and inconsistent attachment or recovery steps under other laws cannot continue. The attached property was therefore required to be released to the liquidator for realisation and distribution under the statutory priority. The electricity distribution company, treated as an operational creditor and, on the facts, a secured operational creditor, was required to lodge its claim in the liquidation process and could not enforce recovery outside the insolvency framework. Its dues were accordingly directed to be dealt with through the liquidation waterfall. en-us Tue, 21 Aug 2018 00:00:00 +0530 Fri, 21 Sep 2018 08:24:59 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=367490 On commencement of liquidation, assets forming part of the liquidation estate, including encumbered property, must be administered under the Insolvency and Bankruptcy Code, 2016, and inconsistent attachment or recovery steps under other laws cannot continue. The attached property was therefore required to be released to the liquidator for realisation and distribution under the statutory priority. The electricity distribution company, treated as an operational creditor and, on the facts, a secured operational creditor, was required to lodge its claim in the liquidation process and could not enforce recovery outside the insolvency framework. Its dues were accordingly directed to be dealt with through the liquidation waterfall. Case-Laws Insolvency and Bankruptcy Tue, 21 Aug 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=367490