https://www.taxtmi.com/caselaws?id=414030 Pendency of proceedings under the SARFAESI Act does not bar initiation of a corporate insolvency resolution process under the Insolvency and Bankruptcy Code, because the Code operates with overriding effect and serves resolution, not mere recovery. The note also states that, for a section 7 application, the relevant enquiry is whether financial debt, default, and a complete application are shown; collateral disputes or SARFAESI possession do not extinguish the liability. It further explains that section 10A applies only to defaults arising during the protected suspension period, and is inapplicable where the default occurred earlier. en-us Mon, 25 Oct 2021 00:00:00 +0530 Wed, 27 Oct 2021 09:19:39 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=414030 Pendency of proceedings under the SARFAESI Act does not bar initiation of a corporate insolvency resolution process under the Insolvency and Bankruptcy Code, because the Code operates with overriding effect and serves resolution, not mere recovery. The note also states that, for a section 7 application, the relevant enquiry is whether financial debt, default, and a complete application are shown; collateral disputes or SARFAESI possession do not extinguish the liability. It further explains that section 10A applies only to defaults arising during the protected suspension period, and is inapplicable where the default occurred earlier. Case-Laws Insolvency and Bankruptcy Mon, 25 Oct 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=414030