https://www.taxtmi.com/caselaws?id=755404 NCLAT Principal Bench allowed appeal against Adjudicating Authority's rejection of Section 7 application under IBC. The Authority had incorrectly relied on Section 10 CPC and DRT proceedings under Section 19 to stay the insolvency petition. NCLAT held that Section 238 IBC provides overriding effect to insolvency proceedings despite other laws. Section 7 proceedings for insolvency resolution and Section 19 proceedings for debt recovery cover different fields and cannot bar each other. The Authority's order was unsustainable and the petition was revived for fresh consideration. en-us Tue, 02 Jul 2024 00:00:00 +0530 Fri, 12 Jul 2024 14:41:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=755404 NCLAT Principal Bench allowed appeal against Adjudicating Authority's rejection of Section 7 application under IBC. The Authority had incorrectly relied on Section 10 CPC and DRT proceedings under Section 19 to stay the insolvency petition. NCLAT held that Section 238 IBC provides overriding effect to insolvency proceedings despite other laws. Section 7 proceedings for insolvency resolution and Section 19 proceedings for debt recovery cover different fields and cannot bar each other. The Authority's order was unsustainable and the petition was revived for fresh consideration. Case-Laws Insolvency and Bankruptcy Tue, 02 Jul 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=755404