IBC prevails over saved winding-up proceedings, and a Company Court cannot stay NCLT resolution proceedings.

The Insolvency and Bankruptcy Code, 2016 was treated as a later special enactment governing time-bound corporate revival and resolution, with the National Company Law Tribunal as the proper forum once the Code is triggered. Applying harmonious construction and the principle that a later special law prevails over an earlier general law to the extent of inconsistency, the Bombay High Court held that a Company Court in a saved winding-up petition cannot restrain or stay proceedings before the NCLT. The winding-up petition may continue only if the resolution process fails and further adjudication becomes necessary in accordance with law.

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Issues: Whether the Company Court, in a saved winding-up petition, could restrain or stay proceedings before the National Company Law Tribunal under the Insolvency and Bankruptcy Code, 2016, and whether the Insolvency and Bankruptcy Code, 2016 prevails in relation to revival and resolution proceedings despite the pendency of such winding-up petition.

Analysis: The statutory scheme of the Insolvency and Bankruptcy Code, 2016 was treated as a later special enactment intended to provide a time-bound corporate insolvency resolution process, with liquidation as the consequence if resolution fails. The court read the repeal and transfer provisions, the relevant rules, and the Code's jurisdictional bars together to hold that the National Company Law Tribunal is the proper forum for revival and resolution proceedings once the Code is triggered. Applying harmonious construction and the principle that a later special law prevails over an earlier general law to the extent of inconsistency, the court held that the Company Court cannot use its powers in a saved petition to injunct proceedings before the National Company Law Tribunal. The winding-up petition may continue only if the resolution process fails and the matter then requires adjudication in accordance with law.

Conclusion: The Company Court had no jurisdiction to stay proceedings before the National Company Law Tribunal in the saved petition, and the appeal failed.

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