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2018 (3) TMI 1454 - Tri - Insolvency and BankruptcyBar of jurisdiction under Insolvency & Bankruptcy Code - action by District Disaster Management Authority sinking FDD - impact on the corporate debtors - Held that:- the subject matter involved in this case is not auction of the FDD but it is an action in progress in pursuance of the order given under the Disaster Management Act, 2005. When such an action being ordered, can anybody remain waiting until the Resolution Professional/Corporate Debtor take necessary steps to remove the sinking FDD from the Port. If for any reason, such salvage operations are put to stay in the light of the declaration of moratorium, what will happen if any grave occurrence taken place? Instead of applying equity, let us look into as to whether overriding effect and the moratorium directions given under Insolvency & Bankruptcy Code will have any bearing on the Disaster Management Act, 2005. In view of the legal position as on today existing, can it be construed that Insolvency & Bankruptcy Code, simply for the reason of later enactment, prevails over the Act of 2005? To our belief, it can’t be, because this Tribunal is barred to interfere with the jurisdiction exercised by the Collector of Goa. In the light of this background, we don’t even believe that we need to further clarify that operation of fields under both enactments is distinct and therefore overriding effect will not operate on the Act of 2005. Once jurisdiction itself is barred to this Adjudicating Authority under section 71 of the Act 2005, this Bench could not even look into the merits as to whether such order is right or wrong or into maintainability of the proceedings initiated or orders issued under the Act of 2005, let alone overriding effect of Insolvency & Bankruptcy Code on the Disaster Management Act, 2005. This Corporate Debtor has to go before Hon’ble High Court of Bombay-Goa by way of filing Writ Petition or by making its grievance in the Writ Petition already pending before the Hon’ble High Court of Bombay-Goa.
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