XYZ Limited had undertaken financial debts of ₹ 500 crores. It was unable to service the debts to Financial Creditors. The Financial Creditors restructured the debt under a Restructuring Agreement with XYZ Limited. Howev

XYZ Limited had undertaken financial debts of ₹ 500 crores. It was unable to service the debts to Financial Creditors. The Financial Creditors restructured the debt under a Restructuring Agreement with XYZ Limited. However, it continued to remain in default with the Financial Creditors. Application was filed against XYZ Limited under section 7 of the Insolvency and Bankruptcy Code, 2016 to initiate Corporate Insolvency Resolution Proceedings. To this effect XYZ Limited took shelter under a Special Provision Act of State of Tamil Nadu (State Act). XYZ Limited was declared as a relief undertaking by the Government of Tamil Nadu under a State law through which XYZ Limited's liabilities were suspended by way of Moratorium. National Company Law Tribunal admitted the application filed by the Financial Creditor initiating Corporate Insolvency Resolution Process against XYZ Limited. Directors of XYZ Limited immediately filed an appeal before National Company Law Appellate Tribunal against the National Company Law Tribunal's order for admission of the company to Corporate Insolvency Resolution Process as the company is already subject to moratorium under the Tamil Nadu State Act. Whether the non-obstante Clause contained under Insolvency and Bankruptcy Code, 2016 will prevail over the non-obstante Clause under a State Act ?