In Brief
The Supreme Court allowed a Resolution Professional's challenge to interim orders passed by the Odisha High Court directing auction of a corporate debtor's land during insolvency proceedings. After moratorium was declared by the NCLT, the High Court was without jurisdiction to continue auction proceedings. The Court held that the IBC is an overriding complete code giving exclusive jurisdiction to the NCLT to manage asset disposal during corporate insolvency. The moratorium prohibits continuation of parallel proceedings and alienation of assets. Workmen may pursue claims under the IBBI Regulations before the insolvency authority."
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