In an Insolvency Resolution Process, a secured creditor enjoys preferential treatment in the process when compared to other categories of creditors. What are the rights of a secured creditor ?

Section 31B of the Recovery of Debts and Bankruptcy Act, 1993: Priority to Secured Creditors. Notwithstanding anything contained in any other law for the time being in force, the rights of secured creditors to realize secured debts due and payable to them by sale of assets over which security interest is created, shall have priority and shall be paid in priority over all other debts and government dues including revenues, taxes, cesses and other rates due to the Central Government, State Government or local authority. Explanation - For the purposes of this section, it is hereby clarified that on or after the commencement of the Insolvency and Bankruptcy Code, 2016, in cases where insolvency or bankruptcy proceedings are pending in respect of secured assets of the borrower, priority to secured creditors in payment of debt shall be subject to the provisions of that Code. Section 53(1)(e) of the Code provides that the following dues shall rank equally between and among the following: any amount due to Central Government and the State Government including the amount to be received on account of the Consolidated Fund of India and the Consolidated Fund of a State, if any, in respect of the whole or any part of the period of two years preceding the liquidation commencement date; debts owed to secured creditor for any amount unpaid following the enforcement of security interest;