If the SC insists on acquirers paying dues of bankrupt companies like RCOM, what happens to the IBC process?
Answer 
Answer
IBC has been formed under statute of Parliament. However, will the IBC prevail if it causes losses to the government? Most likely, IBC will not and should not prevail in that case. Lawyers are arguing about the supremacy of IBC, but that is largely a flimsy argument.
If the government is denied its share of revenues, it is incumbent on the Supreme Court to point it out. After all, no IBC resolution must be permitted without the bankrupt company, or its acquirer, making good the dues to the nation. Spectrum is public property after all.
The bottom line is that IBC cannot prevail if it is causing loss to the exchequer. That is an unwritten rule. Of course, this may not negate the IBC process altogether, but it surely adds a new dimension to the IBC process and may force it to become more inclusive.