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 account maintained with the ICICI Bank Bhubaneswar and to unfreeze the bank account of its creditors over which the lien had been created and ...