Priority of Tax Dues vs. Insolvency Claims: Gujarat VAT 2003 Takes Precedence Over IBC's Waterfall Mechanism.

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....Recovery of dues - Waterfall mechanism - prevalence of Section 48 of the Gujarat Value Added Tax 2003 over Section 53 of the Insolvency and Bankruptcy Code 2016 - As evident from the bare reading of the impugned judgment, the Court had considered not only the Waterfall mechanism under Section 53 of IBC but also the other provisions of the IBC for deciding the priority for the purpose of distributing the proceeds from the sale as liquidation assets. - The well-considered judgment sought to be reviewed does not fall within the scope and ambit of Review. - SC....