IBC has overriding effect over State Act: Karnataka High Court quashes parallel proceedings by State Govt authority against Dreamz Infra India

The order was passed by Justice HP Sandesh while allowing a petition filed by the Insolvency Resolution Professional (IRP) questioning the legality of parallel proceedings initiated by the State government under the Act.
 IBC and Karnataka HC
IBC and Karnataka HC

The Insolvency and Bankruptcy Code, 2016 (IBC) would have an overriding effect over the Karnataka Protection of Interest of Depositors in Financial Establishments Act, 2004 (Act), the Karnataka High Court recently ruled, quashing parallel proceedings initiated by the State government against Dreamz Infra India Private Limited (Dreamz Infra India Limited v. Competent Authority).

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