https://www.taxtmi.com/caselaws?id=439937 The National Company Law Appellate Tribunal (NCLAT) upheld the National Company Law Tribunal (NCLT) Mumbai Bench's decision to admit the Section 7 Application filed by financial creditors against Pancard Clubs Limited. The NCLAT emphasized that the initiation of Corporate Insolvency Resolution Process (CIRP) under the Insolvency and Bankruptcy Code (IBC) can proceed independently of other proceedings, including SEBI's attachment and recovery actions and proceedings under the Maharashtra Protection of Interest of Depositors (MPID) Act. The Tribunal affirmed the overriding effect of IBC over other laws and dismissed SEBI's appeal, upholding the NCLT's order. en-us Tue, 04 Jul 2023 00:00:00 +0530 Wed, 05 Jul 2023 10:36:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=439937 The National Company Law Appellate Tribunal (NCLAT) upheld the National Company Law Tribunal (NCLT) Mumbai Bench's decision to admit the Section 7 Application filed by financial creditors against Pancard Clubs Limited. The NCLAT emphasized that the initiation of Corporate Insolvency Resolution Process (CIRP) under the Insolvency and Bankruptcy Code (IBC) can proceed independently of other proceedings, including SEBI's attachment and recovery actions and proceedings under the Maharashtra Protection of Interest of Depositors (MPID) Act. The Tribunal affirmed the overriding effect of IBC over other laws and dismissed SEBI's appeal, upholding the NCLT's order. Case-Laws Insolvency and Bankruptcy Tue, 04 Jul 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=439937