https://www.taxtmi.com/caselaws?id=755404 A Section 7 insolvency application under the Insolvency and Bankruptcy Code, 2016 is an independent insolvency remedy and is not barred by parallel recovery proceedings under Section 19 of the Recovery of Debts Due to Banks and Financial Institutions Act, 1993. Section 238 gives the Code overriding effect over inconsistent laws, so pendency or findings in DRT proceedings do not by themselves justify rejection or stay of the insolvency petition. Section 10 of the Code of Civil Procedure, 1908 does not control such proceedings, and DRT findings do not operate as res judicata or issue estoppel against the insolvency application. 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 A Section 7 insolvency application under the Insolvency and Bankruptcy Code, 2016 is an independent insolvency remedy and is not barred by parallel recovery proceedings under Section 19 of the Recovery of Debts Due to Banks and Financial Institutions Act, 1993. Section 238 gives the Code overriding effect over inconsistent laws, so pendency or findings in DRT proceedings do not by themselves justify rejection or stay of the insolvency petition. Section 10 of the Code of Civil Procedure, 1908 does not control such proceedings, and DRT findings do not operate as res judicata or issue estoppel against the insolvency application. Case-Laws Insolvency and Bankruptcy Tue, 02 Jul 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=755404