Jaipur Metals And Electricals ... vs Jaipur Metals And Electricals Ltd. Thru ...

The Supreme Court held that the High Court's refusal to transfer winding up proceedings to the NCLT was erroneous, as per Section 7 of the Insolvency and Bankruptcy Code, 2016, which allows for the admission of financial creditor petitions. The Court emphasized that the non-obstante clause in Section 238 of the Code prevails over prior winding up proceedings, thereby establishing that such proceedings must be transferred to the NCLT. The Court set aside the High Court's judgment and directed the transfer of the case to the NCLT.