https://www.taxtmi.com/caselaws?id=377317 The Insolvency and Bankruptcy Code, 2016, with its overriding clause and CIRP framework, prevails over inconsistent State recovery proceedings. Proceedings under the Tamil Nadu Protection of Interest of Depositors Act, 1997 could therefore be taken over by the Resolution Professional, who is entitled to control the corporate debtor's records and books of account during insolvency. An ad-interim attachment order passed after commencement of CIRP and during the moratorium conflicts with the statutory bar on coercive action against the corporate debtor's assets and cannot be sustained. The attachment is invalid and unenforceable against the insolvency process. en-us Tue, 19 Mar 2019 00:00:00 +0530 Fri, 12 Jul 2019 10:56:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=377317 The Insolvency and Bankruptcy Code, 2016, with its overriding clause and CIRP framework, prevails over inconsistent State recovery proceedings. Proceedings under the Tamil Nadu Protection of Interest of Depositors Act, 1997 could therefore be taken over by the Resolution Professional, who is entitled to control the corporate debtor's records and books of account during insolvency. An ad-interim attachment order passed after commencement of CIRP and during the moratorium conflicts with the statutory bar on coercive action against the corporate debtor's assets and cannot be sustained. The attachment is invalid and unenforceable against the insolvency process. Case-Laws Insolvency and Bankruptcy Tue, 19 Mar 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=377317