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Insolvency proceedings under IBC can continue despite of winding up plea pending in HC

January 29, 2019[2019] 101 taxmann.com 451 (SC)
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IBC : Proceedings initiated under section 7 or section 9 of the Insolvency and Bankruptcy Code are independent proceedings, which can continue independent of any winding up petition that may be pending in a High Court under Companies Act

• Mere fact that post notice winding up proceedings are to be 'dealt with' in accordance with provisions of Companies Act, 1956, does not bar applicability of provisions of IBC in general to proceedings validly instituted under IBC, [nor] does it mean that such proceeding can be suspended.

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