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2023 (4) TMI 667 - HC - Insolvency and BankruptcyChallenge to Liquidator's authority to direct freezing of petitioner's account (director of company), that is facing insolvency proceedings - HELD THAT:- The legal position as to the limited scope of interference in matters pending before the NCLT is no longer res integra in view of the decisions of the Supreme Court in Swiss Ribbons (P) Ltd v. Union of India [2019 (1) TMI 1508 - SUPREME COURT] and Ghanashyam Mishra and Sons. Pvt. Ltd. v. Union of India [2021 (4) TMI 613 - SUPREME COURT] - In those decisions, the Apex Court declared that IBC, 2016 being a self contained Code, the High Courts should refrain from interfering with the resolution process. Moreover, having resorted to the alternative remedy, the petitioner cannot collaterally challenge the same order through a writ petition. In any case, the dispute as to the authority of the Liquidator to enforce the order of NCLT has lost its relevance as per Ext.R2(e), the NCLT itself has passed the order freezing the petitioner's account. The writ petition is hence dismissed, without prejudice to the petitioner's right to pursue his remedy before the NCLT or NCLAT, as the case may be.
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