"The Insolvency and Bankruptcy Code, 2016 will prevail over the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI Act, 2002)." Examine the statement with the h

In the case of Canara Bank v. Sri Chandramoulishvar Spg. Mills (P) Ltd. , the NCLAT while referring to Supreme Court's verdict in Innoventive case has ruled that when two proceedings are initiated, one under the Insolvency and Bankruptcy Code, 2016 (the Code) and the other under the SARFAESI Act, 2002, then the proceeding under the Code shall prevail.