Mandava Holdings Pvt. Ltd. vs Ptc India Financial Services Limited on 24 December, 2024
36. The IBC has overriding effect in view of the non-obstante
clause in section 238 of the IBC: Anand Rao Korada, Resolution
Professional vs. Varsha Fabrics Private Limited 8 and Maha Hotel
Projects Private Limited vs. Government of Telangana9. It was also
held in the first decision that the High Court was not justified in
passing orders for auction of the assets of the Corporate Debtor
who was before the NCLT. The Court is therefore of the view that
the petitioner has an alternative remedy within the framework of
the IBC and has fallen short of giving reasons for refusing to avail
of the effective statutory remedy.