Insolvency and Bankruptcy Code prevails over apex court rules in case of conflict: Supreme Court

The Supreme Court has ruled that the Insolvency and Bankruptcy Code (IBC) prevails over the Supreme Court Rules (SCR) in case of conflict. The court held that procedural rules cannot be used to dilute the strict timelines prescribed by Parliament for insolvency proceedings. The IBC is considered a "complete code in itself" and its provisions cannot be overridden by the SCR. The court dismissed an appeal filed by a liquidator as time-barred due to delays in filing and re-filing the matter.