Financial Creditor can initiate action under Section 7 of IBC, 2016

Rajeev R. Jain, Director (Suspended) Vs AASAN Corporate Solutions Private Limited (NCLAT Delhi) There can be no doubt that registered mortgage is instrument which shall also be overridden by Section 238 of  Insolvency and Bankruptcy Code, 2016 which specifically provides for overriding of provisions of ‘I&B Code’ to a contrary provisions of law as well as an instrument made under any other law. The Tribunal while deciding “Beacon Trusteeship Limited” did not advert to Section 238 of the ‘I&B Code’ which had overriding effect on any clause of any Debenture of Trust Deed cum...