https://www.taxtmi.com/caselaws?id=404710 The appeal was dismissed, and the interim order dated 18.12.2020 was vacated. The court reaffirmed the precedence of the IBC over the Companies Act in conflict scenarios, emphasizing the independent nature of Section 7 IBC proceedings. The court clarified that Section 7 petitions remain valid despite ongoing winding-up proceedings, underscoring IBC's focus on corporate revival over liquidation. The court rejected arguments that Sections 446 and 279 of the Companies Act impede IBC proceedings and confirmed that secured creditors can independently realize their security outside winding-up proceedings. Allegations of suppression and subterfuge were dismissed, confirming the petition's validity. en-us Mon, 01 Mar 2021 00:00:00 +0530 Tue, 29 Oct 2024 12:11:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=404710 The appeal was dismissed, and the interim order dated 18.12.2020 was vacated. The court reaffirmed the precedence of the IBC over the Companies Act in conflict scenarios, emphasizing the independent nature of Section 7 IBC proceedings. The court clarified that Section 7 petitions remain valid despite ongoing winding-up proceedings, underscoring IBC's focus on corporate revival over liquidation. The court rejected arguments that Sections 446 and 279 of the Companies Act impede IBC proceedings and confirmed that secured creditors can independently realize their security outside winding-up proceedings. Allegations of suppression and subterfuge were dismissed, confirming the petition's validity. Case-Laws IBC Mon, 01 Mar 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=404710