In Brief
The Supreme Court dismissed an appeal challenging the NCLT's jurisdiction to entertain a Section 7 petition under the Insolvency and Bankruptcy Code (IBC). Although a winding up petition was pending in the High Court, the Court held that IBC petitions are independent proceedings unaffected by parallel winding up proceedings. The IBC, being a special statute with a non-obstante clause (Section 238), overrides the Companies Act. The Court reaffirmed that the NCLT may entertain IBC petitions post-admission of winding up unless corporate death is inevitable, prioritizing revival of the company over liquidation.
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