Download or read book Taxmann's Analysis | Rainbow Papers v. Raman Ispat – The Puzzling Paradox of Legal Priorities written by Taxmann and published by Taxmann Publications Private Limited. This book was released on 2023-11-07 with total page 12 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Insolvency and Bankruptcy Code (IBC) is a pivotal piece of legislation in India aimed at streamlining and modernizing the country's insolvency and bankruptcy procedures. This article discusses the following: ‣ Two Significant Supreme Court rulings ‣ Provisions related to the waterfall mechanism ‣ Grounds on which the Supreme Court rejected the Rainbow Decision ‣ Discussion paper proposing amendments to the IBC to establish a more equitable distribution scheme through a separate waterfall mechanism