https://www.taxtmi.com/caselaws?id=408658 Proceedings under the Karnataka Protection of Interest of Depositors in Financial Establishments Act, 2004 cannot continue once corporate insolvency resolution proceedings have commenced and the moratorium under the Insolvency and Bankruptcy Code, 2016 is in force. The broad overriding effect of section 238 of the Code prevents parallel proceedings that may interfere with the insolvency resolution process, especially where the assets and liabilities of the corporate debtor are already within the insolvency framework. On that basis, the State Act proceedings were held not to survive and were quashed. en-us Mon, 24 May 2021 00:00:00 +0530 Thu, 17 Jun 2021 11:09:25 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=408658 Proceedings under the Karnataka Protection of Interest of Depositors in Financial Establishments Act, 2004 cannot continue once corporate insolvency resolution proceedings have commenced and the moratorium under the Insolvency and Bankruptcy Code, 2016 is in force. The broad overriding effect of section 238 of the Code prevents parallel proceedings that may interfere with the insolvency resolution process, especially where the assets and liabilities of the corporate debtor are already within the insolvency framework. On that basis, the State Act proceedings were held not to survive and were quashed. Case-Laws Insolvency and Bankruptcy Mon, 24 May 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=408658