https://www.taxtmi.com/caselaws?id=393617 The Insolvency and Bankruptcy Code, 2016 was treated as a special, time-bound insolvency regime with overriding effect under section 238, so inconsistent GST attachment and recovery measures could not continue during CIRP. The moratorium under section 14 was applied to bar parallel proceedings against the corporate debtor and protect the insolvency estate for value maximisation. Because the attached goods, raw materials and machinery were necessary for effective conduct of CIRP, the Tribunal directed their release to the interim resolution professional so the assets could be taken into control, claims collated and the resolution process completed within the statutory timeline. en-us Thu, 02 Jan 2020 00:00:00 +0530 Sat, 13 Mar 2021 13:56:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=393617 The Insolvency and Bankruptcy Code, 2016 was treated as a special, time-bound insolvency regime with overriding effect under section 238, so inconsistent GST attachment and recovery measures could not continue during CIRP. The moratorium under section 14 was applied to bar parallel proceedings against the corporate debtor and protect the insolvency estate for value maximisation. Because the attached goods, raw materials and machinery were necessary for effective conduct of CIRP, the Tribunal directed their release to the interim resolution professional so the assets could be taken into control, claims collated and the resolution process completed within the statutory timeline. Case-Laws Insolvency and Bankruptcy Thu, 02 Jan 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=393617