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ARTICLE · 27 JULY 2023

Raman Ispat: Supreme Court Confines Applicability Of Rainbow Papers

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On 17 July 2023, the Hon'ble Supreme Court delivered its judgement in Paschimanchal Vidyut Vitran Nigam Ltd. v. Raman Ispat Private Limited & Ors., 2023 SCC OnLine SC 842 (Raman Ispat).

IndiaLitigation, Mediation & Arbitration
Rahul Chakraborti
Rahul Chakraborti
Saumya Agarwal
Saumya Agarwal
Aaryan Mohan
Aaryan Mohan
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On 17 July 2023, the Hon'ble Supreme Court delivered its judgement in Paschimanchal Vidyut Vitran Nigam Ltd. v. Raman Ispat Private Limited & Ors., 2023 SCC OnLine SC 842 (Raman Ispat). The specific issue of whether Paschimanchal Vidyut Vitran Nigam Ltd. (Appellant) could enforce a security interest created over the assets of Raman Ispat Private Limited (Corporate Debtor) outside of the liquidation proceedings under the Insolvency and Bankruptcy Code, 2016 (Code) was settled in the negative. More importantly, the Hon'ble Supreme Court confined the applicability of State Tax Officer v. Rainbow Papers Ltd., 2022 SCC OnLine SC 1162 (Rainbow Papers) to its own factual circumstances, effectively quarantining Rainbow Papers from the jurisprudence on treatment of government dues under the Code and allied regulations.

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