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SC held Insolvency & Bankruptcy Code overrides Tea Act,1953
Case Law Details
- Case Name
- Duncans Industries Ltd. Vs A. J. Agrochem (Supreme Court of India)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Courts
- Supreme Court of India
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Duncans Industries Ltd. Vs A. J. Agrochem (Supreme Court of India)
Conclusion: Insolvency and Bankruptcy Code, 2016 (IBC) proceedings would have an overriding effect over the Tea Act, 1953 and even without such consent of the Central Government, the insolvency proceedings under Section 7 or Section 9 of the IBC initiated by the operational creditor should be maintainable.
Held: Assessee-company owned and managed 14 tea gardens. Out of 14 tea gardens, the Central Government in exercise of its power under Section 16E of the Tea Act, 1953 had taken over the control of 7 tea...
