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2021 (3) TMI 26 - AT - Insolvency and BankruptcySeeking directions upon Respondent No. 2 to defreeze the Account of petitioner - It is argued that the Adjudicating Authority failed to exercise jurisdiction vested in it and to invoke section 238 of I & B Code, 2016 - HELD THAT:- It is rightly submitted by appellant that the freezing of Account by the Respondent No. 1 is not maintainable and the Liquidator cannot be made to run to the parties and Authorities under the Sales Tax Act to get the Account defreezed - also appellant rightly says that Liquidation Proceedings are time-bound to maximize the value and all the Creditors are entitled to get their dues only in terms of Section 53 of I & B Code, 2016 and different Creditors cannot be allowed to resort to different proceedings and enactments only because they are Authorities under earlier enactments considering the Provision of Section 238 of I & B Code, 2016. The Adjudicating Authority has failed to exercise jurisdiction vested in it to give relief to the Appellant in the context of the position of law under Section 238 of IBC. Appeal allowed - decided in favor of appellant.
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