Not to use Power of CrPC Section 482 to undermine statutory dictate U/s. 14 & 17 of IBC: SC

Sandeep Khaitan Resolution Professional for National Plywood Industries Ltd Vs JSVM Plywood Industries Ltd. (Supreme Court)

Conclusion: The power under Section 482 of the Code of Criminal Procedure may not be available to the Court to countenance the breach of a statuary provision under Sections 14 and 17 of the Insolvency and Bankruptcy Code (IBC).

Held:  Respondent, JSVM Plywood Industries Ltd. had filed an application to allow it to operate its bank ac

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