https://www.taxtmi.com/caselaws?id=787018 Initiation of corporate insolvency resolution under Section 7 was held maintainable because the rival scheme of arrangement failed to comply with statutory timelines for the second motion and filing, had become inoperative due to intervening enforcement and increased indebtedness, and pending company-court proceedings fell for transfer under transfer rules; the Insolvency and Bankruptcy Code's overriding effect and the independent nature of Section 7 proceedings were applied, leading to restoration of the adjudicating authority's order appointing an interim resolution professional and reviving the moratorium, and setting aside the appellate authority's abeyance order. en-us Tue, 24 Feb 2026 00:00:00 +0530 Wed, 25 Feb 2026 07:26:01 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=787018 Initiation of corporate insolvency resolution under Section 7 was held maintainable because the rival scheme of arrangement failed to comply with statutory timelines for the second motion and filing, had become inoperative due to intervening enforcement and increased indebtedness, and pending company-court proceedings fell for transfer under transfer rules; the Insolvency and Bankruptcy Code's overriding effect and the independent nature of Section 7 proceedings were applied, leading to restoration of the adjudicating authority's order appointing an interim resolution professional and reviving the moratorium, and setting aside the appellate authority's abeyance order. Case-Laws IBC Tue, 24 Feb 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=787018