Pendency of the proceedings under the Negotiable Instruments Act or/and under the RDDB Act, 1993 are no bar in filing an application under Section 7 of IBC 2016 to initiate Corporate Insolvency Resolution Process – Yes Bank Ltd. Vs. Mothers Pride Education Institution Pvt. Ltd. – NCLT New Delhi Bench Court-II
The Adjudicating Authority held that the pendency of the proceedings under the Negotiable Instruments Act or/ and under the RDDB Act are no bar in filing an application under Section 7 of IBC 2016 to initiate Corporate Insolvency Resolution Process, since Section 238 provides overriding effect to the provisions of IBC over the anything inconsistent therewith contained in any other law being in force. Hence, we find no force in this contention of the Respondent.