As per case facts, Omkara Assets Reconstruction Private Limited sought to initiate Corporate Insolvency Resolution Proceedings (CIRP) against a Corporate Debtor for debt recovery. The Debtor resisted, citing a Scheme ... of Arrangement (SOA) under the Companies Act, which the Appellate Authority deemed a reason to keep CIRP in abeyance. This prompted the appeal to the Supreme Court. The question arose whether the highly delayed and procedurally non-compliant SOA should stall the CIRP, especially given the Insolvency and Bankruptcy Code's (IBC) overriding effect. Finally, the Supreme Court found the SOA defunct due to non-compliance with statutory timelines. It ruled that the IBC's provisions prevail, prioritizing corporate revival, and thus, there was no reason to stall CIRP. The Appellate Tribunal's order was set aside, restoring the Adjudicating Authority's initiation of CIRP.