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2020 (8) TMI 499 - AT - Insolvency and BankruptcyCIRP process - Set off certain amount to be paid by the Aircel Companies to the Airtel Companies - HELD THAT:- It is observed that whether during the period of Corporate Insolvency Resolution Process when Section 14 (Moratorium) of the I&B Code, 2016 is in operation & whether any dues can be set off as per Accounting Conventions when Moratorium is in force. The Accounting Conventions cannot supersede any express provisions of the laid down provisions of the specific law on the subject. The I&B Code, 2016 provides the mechanism of Moratorium during the CIRP till the Resolution Plan is approved or Liquidation order is passed. The I&B Code has a provision to override other laws as enunciated above. Hence, even if there are some such provisions in any other law, the I&B Code 2016 will prevail over that. The Respondent No.1 & 2 are directed to pay the amount whatever has been set off by them to the Aircel Entities - appeal allowed.
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