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Supreme Court of India

Indian Overseas Bank v. M/s Rcm Infrastructure Ltd. and Another

Neutral citation
Bench L. Nageswara Rao and B.R. Gavai JJ.
Decided 18 May 2022

INSC stands for INDIAN SUPREME COURT. A neutral citation scheme assigned by the Court itself, so a judgment can be cited without depending on a commercial law reporter. INSC is the neutral citation scheme assigned by the Supreme Court, so a judgment can be cited without depending on a commercial law reporter.

What the Court ordered

We are of the view that the appellant Bank could not have continued the proceedings under the SARFAESI Act once the CIRP was initiated and the moratorium was ordered.

Judgment, page 14

From the headnote

Insolvency and Bankruptcy Code, 2016: ss. 238, 10, 14 – Provisions of the Code to override other laws – On facts, corporate debtor filed an insolvency petition u/s. 10 on 22.10.2018 – NCLT admitted the petition on 03.01.2019, moratorium was notified and Interim Resolution Professional was appointed – Meanwhile the appellant bank issued the second -auction notice on 27.11.2018, to recover the public money availed by the corporate debtor – Thereafter, -auction was held by the Bank, the properties were sold, sale certificate was issued and the sale was completed on 8.03.2019 – Promoter of the…

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