High Court’s power under this section cannot be used to undermine a statutory dictate, in present case provided under Ss. 14 and 17 of the Insolvency and Bankruptcy Code, 2016 (IBC). In this view, the amount remitted to the bank account of respondent1 by corporate debtor / company without any authority from appellant, held, was in violation of statutory mandate under IBC. Hence, interim order of High Court defreezing bank account of person concerned who had allegedly conspired with MD of corporate debtor to violate moratorium under S. 14 IBC, modified to the effect that said bank account could only be operated once amount in question transferred in violation of S. 14 IBC, was returned to corporate debtor.
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[Sandeep Khaitan Resolution Professional for National Plywood Industries Ltd v. JSVM Plywood Industries Ltd.,(2021) 9 SCC 401]