https://www.taxtmi.com/highlights?id=79336 The NCLAT held that Section 238 of the IBC gives overriding effect to proceedings u/s 7, despite Section 10 of CPC. Proceedings u/s 7 must proceed, as the Code's provisions prevail over inconsistent laws. Insolvency resolution must be detected early, and remedial measures taken. Section 7 proceedings cannot be barred by Section 19 proceedings, as they cover different fields. The DRT's rejection of Section 19 proceedings cannot bar a Section 7 application. The determination of default in DRT proceedings, pending in the High Court, is relevant for Section 19 but not a reason to bar Section 7 proceedings. The Supreme Court held that a Section 7 petition is an independent proceeding, unaffected by other pending proceedings. The DRT's order and ..... en-us Fri, 12 Jul 2024 14:42:22 +0530 Fri, 12 Jul 2024 14:42:22 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=79336 The NCLAT held that Section 238 of the IBC gives overriding effect to proceedings u/s 7, despite Section 10 of CPC. Proceedings u/s 7 must proceed, as the Code's provisions prevail over inconsistent laws. Insolvency resolution must be detected early, and remedial measures taken. Section 7 proceedings cannot be barred by Section 19 proceedings, as they cover different fields. The DRT's rejection of Section 19 proceedings cannot bar a Section 7 application. The determination of default in DRT proceedings, pending in the High Court, is relevant for Section 19 but not a reason to bar Section 7 proceedings. The Supreme Court held that a Section 7 petition is an independent proceeding, unaffected by other pending proceedings. The DRT's order and ..... Highlights Insolvency and Bankruptcy Fri, 12 Jul 2024 14:42:22 +0530 https://www.taxtmi.com/highlights?id=79336