https://www.taxtmi.com/caselaws?id=417051 The Tribunal held that the application under Section 7 of the Insolvency and Bankruptcy Code was maintainable, emphasizing the special remedy provided to Financial Creditors upon default. It ruled that the I&B Code prevails over any other law or instrument, allowing the Financial Creditor to seek remedies under Section 7 regardless of secured assets. The Tribunal also clarified that the doctrine of stare decisis was considered but deemed the conflicting judgment not binding due to ignorance of Section 238 of the I&B Code, ultimately upholding the maintainability of the Section 7 application. en-us Wed, 12 Jan 2022 00:00:00 +0530 Fri, 14 Jan 2022 08:38:07 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=417051 The Tribunal held that the application under Section 7 of the Insolvency and Bankruptcy Code was maintainable, emphasizing the special remedy provided to Financial Creditors upon default. It ruled that the I&B Code prevails over any other law or instrument, allowing the Financial Creditor to seek remedies under Section 7 regardless of secured assets. The Tribunal also clarified that the doctrine of stare decisis was considered but deemed the conflicting judgment not binding due to ignorance of Section 238 of the I&B Code, ultimately upholding the maintainability of the Section 7 application. Case-Laws Insolvency and Bankruptcy Wed, 12 Jan 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=417051