Insolvency Proceedings Admitted Despite Pending Winding Up Under Companies Act, 1956; IBC Takes Precedence.

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....Corporate insolvency process - Admission of winding up petition - Prior admission stage of pendency of winding up proceeding against corporate debtor under the Companies Act, 1956 cannot come in the way of the Code - respondent company has committed default in repayment of the outstanding amount - application admitted.....