Provisions of IBC was having overriding effect over other State Acts

Dreams Infra India Pvt. Ltd Vs Competent Authority Dreamz Infra India Pvt. Ltd (Karnataka High Court) Conclusion:  Provisions of the IBC was having overriding effect over other laws and the same would prevail in view of Section 238 of the Code. Hence, the proceedings initiated against assessee under Section 7(1) of the Act, 2004 was quashed. Held:  Assessee-company was a real estate Company involved in the development of various housing and apartment projects, and had floated multiple projects since its inception in 2012. It had executed an agreement of sale and memorandum of understanding w...