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HC dismissed the writ petition as non-maintainable due to availability of alternative statutory remedy under the Insolvency and Bankruptcy Code, 2016. The petitioners failed to utilize the specific mechanism under Section 42 for appealing the Liquidator's order within the prescribed 14-day limitation period. The Court emphasized that IBC is a comprehensive legislative framework with a structured three-tier remedial mechanism, and bypassing this statutory process constitutes misuse of legal proceedings. The petition was rejected, reinforcing the principle of exhausting statutory remedies before invoking extraordinary writ jurisdiction.
HC dismissed the writ petition as non-maintainable due to availability of alternative statutory remedy under the Insolvency and Bankruptcy Code, 2016. The petitioners failed to utilize the specific mechanism under Section 42 for appealing the Liquidator's order within the prescribed 14-day limitation period. The Court emphasized that IBC is a comprehensive legislative framework with a structured three-tier remedial mechanism, and bypassing this statutory process constitutes misuse of legal proceedings. The petition was rejected, reinforcing the principle of exhausting statutory remedies before invoking extraordinary writ jurisdiction.
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