Muslim jurists differed on this issue and have four opinions:
The first opinion: Jumu'ah ṣalāh is still obligatory and has to be performed on time, whether one performs 'Īd ṣalāh or not. And this applies for both the imām and the congregation.
This is the position of the Hanafi, Maliki and Dhahiri schools. Ibn Qudamah in his book al-Mughni attributed this opinion to the majority of the Fuqhaa' and Muslim Jurists.
Their evidence, according to Ibn Rushd in “Bidayatul Mujtahid” is the default ruling of Jumu'ah ṣalāh as was derived from the āyah in surat al-Jumu'ah:
“O ye who believe! When the call is proclaimed to prayer on Friday (the Day of Assembly), hasten earnestly to the Remembrance of Allāh, and leave off business (and traffic): That is best for you if ye but knew…”