IBC overrides state infrastructure law; transfer of tourism project upheld, writ petition dismissed as frivolous with costs

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....HC upheld the constitutional validity of the Empowered Committee's decision permitting transfer and restructuring of the tourism project in line with the NCLT-approved resolution plan under the IBC. It held that IBC provisions override the Telangana Infrastructure Development Enabling Act to the extent of inconsistency and that State consent to Respondent No. 4 was a lawful exercise of contractual and statutory discretion. Alleged violations of accrued rights, lack of notice, non-payment of compensation, and breach of FDI policy were rejected as contrary to the supervening effect of the IBC and prior HC/SC rulings. HC found the writ petition frivolous and dismissed it with costs.....