TMI Blog2020 (6) TMI 661X X X X Extracts X X X X X X X X Extracts X X X X ..... tent therewith contained in any other law for the time being in force or any instrument having effect by the virtue of any such law. Thus, the non-obstante clause of the I B Code will prevail over any other law for the time being in force - Ld. Adjudicating has incorrectly held that after initiating proceedings under SARFAESI Act the Appellant i.e. Financial Creditor should be precluded from filing application under section 7 of I B Code. From the reading of impugned order it seems that as the Financial Creditor has initiated parallel proceedings. Hence, Adjudicating Authority has drawn the conclusion that the Financial Creditor fraudulently/maliciously initiated proceedings under I B Code against the Corporate Debtor - In the applicatio ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rporate Debtor. During the pendency of the application before the Adjudicating Authority, Corporate Debtor has sent a proposal for One Time Settlement. However, the Financial Creditor was not agreed with the proposal and on the ground that the settlement is going on some hearing dates have been adjourned. 3. On 19-7-2019 Adjudicating Authority found that the Financial Creditor has already initiated parallel proceedings under SARFAESI Act, 2002 while filing the present proceedings under the I B Code. It is also found that process of auction is going on and the Financial Creditor can realize the debt from the proceedings of such auction. In such circumstances Adjudicating Authority held that Financial Creditor has filed parallel proceeding ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... cial Institutions Act, 1993; the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002; Companies Act, 2003; Insolvency and Bankruptcy law and other laws. 49. As per Section 238 of the Insolvency and Bankruptcy Code, 2016, provisions of the Code shall have the effect, notwithstanding anything inconsistent therewith, contained in any other law, for the time being in force or any instrument, has effect, by virtue of such power. As per sub-Section (4) of Section 60 of the Code, the National Company Law Tribunal is vested with all the powers of the Debts Recovery Tribunal, as contemplated under Part II of the Code, for the purpose of sub-section (2) of Section 60 of the Code and therefore, it is ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... proceedings in respect of any debt will remain stayed and cannot proceed during the period of moratorium. 8. This Tribunal in the case of Company Appeal (AT) (Ins) No. 323/2019 (Neeraj Jain Vs. Yes Bank Ltd. Anr.) decided on 10-4-2019 held that Section being an independent proceedings is nothing to do with the pendency of Criminal Case relating to misappropriation of funds. This Tribunal in the case of Comp. App. (AT) (Ins) No. 1021/2019 (Karan Goeal Vs. M/s Pashupati Jewellers Ors.) decided on 1-10-2019 held that merely because suit has been filed by the Financial Creditor and pending, cannot be ground to reject the application under section 7 of the I B Code. 9. In the light of above pronouncement, we are of the considered vie ..... X X X X Extracts X X X X X X X X Extracts X X X X
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