ISSUE:
Whether Corporate Insolvency Resolution Proceedings initiated under the Insolvency and Bankruptcy Code of 2016 prevail over winding up proceedings as initiated under the Companies Act of 2013?
RULE:
Corporate Insolvency Resolution Proceedings initiated under either Section 7 or Section 9 of the Insolvency and Bankruptcy Code of 2016 function independently of winding up proceedings initiated under Companies Act of 2013.
When the death of the corporate is unavoidable, efforts must be made to revive the company for the public welfare, which may be inclusive of reviving the workmen, creditors and products produced for the greater benefit of the country.