High Courts cannot exercise Section 482 powers to undermine statutory dictate under Sections 14, 17 of IBC: Supreme Court [READ JUDGMENT]

The Court further held that the impact of the moratorium under IBC includes prohibition of transferring, encumbering, alienating, or disposing of by the Corporate Debtor of any of its asset.
High Courts cannot exercise Section 482 powers to undermine statutory dictate under Sections 14, 17 of IBC: Supreme Court [READ JUDGMENT]
Justices UU Lalit and KM Joseph

The inherent power of High Court under Section 482 of the Code of Criminal Procedure should not be used to undermine statutory dictate under Sections 14 and 17 of the Insolvency and Bankruptcy Code (IBC), the Supreme Court ruled on Thursday (Sandeep Khaitan, Resolution Professional v. JSVM Plywood Industries).

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