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2019 (6) TMI 767 - AT - Insolvency and BankruptcyInitiation of ‘Corporate Insolvency Resolution Process’ against the ‘Corporate Debtor’ - Section 7 of the Insolvency and Bankruptcy Code, 2016 - allegation is Applicant Bank’s involvement in defrauding the ‘Corporate Debtor’ - HELD THAT:- An application under Section 7 being an independent proceeding has nothing to do with the pendency of the Criminal Case relating to misappropriation of the funds by the Chief Financial Officer of the ‘Corporate Debtor’ and the employees of the Banks. The Bank which is the ‘Financial Creditor’ is a separate entity from the Chief Financial Officer of the ‘Corporate Debtor’ or the individual employees of the Bank(s), if any, involved. The pendency of the investigation or trial cannot be a ground to refuse an application under Section 7 if the application is complete and there is a debt and default. The ‘I&B Code’ being a complete Code will prevail over the other Acts and no person can take advantage of the pendency of the case to stall Insolvency and Bankruptcy proceeding filed under Section 7. Appeal dismissed.
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