IBC overrides Winding up

The National Company Law Tribunal, Principal Bench, New Delhi, held that the pendency of winding-up proceedings, even after admission and appointment of an Official Liquidator, does not bar initiation of Corporate Insolvency Resolution Process (CIRP) under Section 7 of the Insolvency and Bankruptcy Code, 2016, where no irreversible steps such as sale or auction of the corporate debtor's assets have been undertaken. Reaffirming the primacy of the IBC's resolution framework, the Tribunal admitted the Section 7 application and commenced CIRP.