IBC prevails over TRAI Act hence penalty imposed by TRAI to be recovered as per scheme of IBC

Telecom Regulatory Authority of India Vs Reliance Telecom Ltd. & Ors. (NCLAT Delhi) Conclusion: IBC being a special statute shall prevail over the TRAI Act therefore any penalty imposed by the TRAI on the corporate debtor would be recovered as per the scheme of the IBC. There was no error in the order of the Adjudicating Authority, accepting the outstanding dues as ‘operational debt’, to be paid as per the provisions of the Resolution Plan. There was no material on record to accept that the amount of security deposit balances of post-paid subscribers and unspent balances of prepaid sub...