The case involves a writ petition filed by M/S. Dreams Infra India Pvt. Ltd. against the Competent Authority and others, seeking to quash proceedings initiated under the Karnataka Protection of Interest of Depositors in Financial Establishment Act, 2004. The petitioner, a real estate company, is accused of collecting deposits from homebuyers without handing over the apartments. The respondent initiated action under Section 7(1) of the Act, 2004. Meanwhile, three homebuyers filed a petition before the NCLT under Section 7 of the Insolvency and Bankruptcy Act, 2016, leading to the admission of the petition and the commencement of the Corporate Insolvency Resolution Process (CIRP). The petitioner argues that the proceedings under the State Act should be quashed due to the

The case involves a writ petition filed by M/S. Dreams Infra India Pvt. Ltd. against the Competent Authority and others, seeking to quash proceedings initiated under the Karnataka Protection of Interest of Depositors in Financial Establishment Act, 2004. The petitioner, a real estate company, is accused of collecting deposits from homebuyers without handing over the apartments. The respondent initiated action under Section 7(1) of the Act, 2004. Meanwhile, three homebuyers filed a petition before the NCLT under Section 7 of the Insolvency and Bankruptcy Act, 2016, leading to the admission of the petition and the commencement of the Corporate Insolvency Resolution Process (CIRP). The petitioner argues that the proceedings under the State Act should be quashed due to the