In Brief
Five parties filed review petitions challenging a 2022 Supreme Court judgment that had upheld state tax authorities' claim as secured creditors in insolvency proceedings of corporate debtors under the Gujarat Value Added Tax Act. The petitioners—including liquidators, banks, and creditors—argued the original judgment failed to properly consider the priority waterfall mechanism under the Insolvency and Bankruptcy Code's Section 53. The Supreme Court dismissed all review petitions, holding that review is confined to manifest errors apparent on the record, not rehearing of decided cases. The Court confirmed the original judgment adequately addressed Section 53 and found no error warranting review.
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