https://www.taxtmi.com/caselaws?id=287091 Government dues under the Insolvency and Bankruptcy Code liquidation waterfall are not entitled to pari passu treatment with secured creditors. The Tribunal treated the claim under section 53, holding that the statutory priority sequence is mandatory and cannot be altered to elevate such dues to secured status. It also directed that attachments by public authorities should be lifted so the liquidator can realise and sell assets forming part of the liquidation estate. The liquidator was therefore permitted to proceed with sale and distribution strictly in accordance with section 53. en-us Mon, 18 Nov 2019 00:00:00 +0530 Sat, 28 Mar 2020 10:05:08 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=287091 Government dues under the Insolvency and Bankruptcy Code liquidation waterfall are not entitled to pari passu treatment with secured creditors. The Tribunal treated the claim under section 53, holding that the statutory priority sequence is mandatory and cannot be altered to elevate such dues to secured status. It also directed that attachments by public authorities should be lifted so the liquidator can realise and sell assets forming part of the liquidation estate. The liquidator was therefore permitted to proceed with sale and distribution strictly in accordance with section 53. Case-Laws Companies Law Mon, 18 Nov 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=287091