IBC 2016 prevails over Anti-Profiteering of Section 171

Director General of Anti-Profiteering Vs Puma Realtors Pvt. Ltd (NAA) NAA held that although Anti-Profiteering Provisions of Section 171 of CGST Act, 2017 were violated by Respondent, yet provisions of IBC, 2016 will nonetheless prevail. DGAP had observed that a Corporate Insolvency Resolution Process (CIRP) was initiated against the Respondent under Insolvency and Bankruptcy Code 2016 (IBC) vide Order dated 17.10.2018 by the National Company Law Tribunal (NCLT), New Delhi. The Said CIRP had been concluded by NCLT vide its Order dated 01.06.2021 whereby the Resolution Plan filed by the M/s One...