Court Upholds Electricity Provider as Secured Creditor Under IBC; Liquidator Bound by NCLT and NCLAT Decisions.

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....Recovery of outstanding electricity dues - Secured Creditor - Section 78 enacts, that when a company whose property is subject to charge, fails to register it, the charge holder (or the person entitled to the charge over the company’s assets) can seek its registration. Section 3 (31) of the IBC defines “security interest” in the widest terms. In this court’s opinion, the liquidator cannot urge this aspect at this stage, because of the concurrent findings of the NCLT and the NCLAT that PVVNL is a secured creditor. - SC....