2019 (10) TMI 1365

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....ingram Thirunavukkarasu, Member (T) ORDER The parties are represented through learned counsels. The RP in person submitted that OL vide his letter dated on 22.4.2019, whereby apprised the pendency of the winding up application and the appointment of OL. In view of the said appointment of the OL, the RP is in dilemma whether to proceed with CIRP or not and accordingly filed the instant app....

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....he reason that though Section 434 of the Companies Act, 2013 is substituted by the Eleventh Schedule of the Code, yet Section 434, as substituted, appears only in the Companies Act, 2013 and is part and parcel of the that Act. This being so, if there is any inconsistency between Section 434 as substituted and the provisions of the Code, the letter must prevail We are of the view that the NCLT was ....

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....refore, allow the appeal and set aside the High Courts judgment. On perusal of the order, it is found that section 238 of IB Code will prevail over other Act. Hence, there is no embargo on the part of the RP to proceed with the CIRP. Since the position has been clarified and settled by the Hon'ble Apex Court and looking to the object of the IB Code as the time is essence. The RP is direc....