TMI BlogRecovery of dues - priority of settlement of dues - The State is a secured creditor under the GVAT Act....Recovery of dues - priority of settlement of dues - The State is a secured creditor under the GVAT Act. Section 3(30) of the IBC defines secured creditor to mean a creditor in favour of whom security interest is credited. Such security interest could be created by operation of law. The definition of secured creditor in the IBC does not exclude any Government or Governmental Authority. - SC ..... X X X X Extracts X X X X X X X X Extracts X X X X
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