As per the case facts the Indian Overseas Bank challenged a judgment by the National Company Law Appellate Tribunal NCLAT that dismissed its appeal against an order by the National ... Company Law Tribunal NCLT The NCLT had allowed an application by the former Managing Director of M s RCM Infrastructure Ltd setting aside the sale of the corporate debtor's assets The appeal arose because the Bank continued proceedings under the SARFAESI Act even after the Corporate Insolvency Resolution Process CIRP was initiated and a moratorium was ordered The question arose whether the appellant Bank could have continued proceedings under the SARFAESI Act once the CIRP was initiated and moratorium ordered Finally the Supreme Court was of the view that the appellant Bank could not have continued the proceedings under the SARFAESI Act once the CIRP was initiated and the moratorium was ordered