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2019 (3) TMI 351 - Tri - Insolvency and BankruptcyMaintainability of proceedings - Inability of repayment on the part of Corporate Debtor - default in paying the loan instalment - Held that:- The proceeding before the DRT, Kolkata has been filed by the bank for recovery of their dues whereas this proceeding is filed to declare the corporate debtor to be insolvent because they are not able to pay their dues and in order to have resolution of their insolvency. Both the laws work in different field. Their object is altogether different. Section 238 of I&B Code states that, “Provisions of this Code to override other law - The provisions of this Code shall have effect, notwithstanding anything inconsistent therewith contained in any other law for the time being in force or any instrument having effect by virtue of any such law.” - So provisions of l&B Code supersedes any other law when it comes to the resolution of the Corporate Debtor. Hence, this proceeding is maintainable. The Financial Creditor proves that there is a debt against the Corporate Debtor of which they committed default. This application is not defective in any manner. Application allowed.
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