Rule of law is a set of codes that are put in place and are to be obeyed regardless of whether it is an institution (like government) or an individual.
The law is above everything. It is meant to determine how a society interacts with each individual or each institution.
I don't know if India is governed by rule of law. I suspect it was intended to, but it really is not. It's like asking "Is America a Democracy?" It was intended to be but things are unfolding in a way that makes you question it. He who has power, usually uses it.