
Insolvency Law
Is Priority Rights not a Priority?
In a recent ruling of NCLAT, it was observed that in the event the Secured Creditor holding priority charge elects to relinquish its security interest then the priority status of such secured creditor is lost and shall rank equally with other Secured Creditors.
The Author attempts to capture the existing position and the need for protection of priority rights inter-se Secured Creditors.
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