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Provisions of IBC overrides provisions of State enacted law: NCLT Hyderabad
Case Law Details
- Case Name
- Punjab National Bank Vs NCS Sugars Ltd (NCLT Hyderabad)
- Appeal Number
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- Courts
- NCLT
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Punjab National Bank Vs NCS Sugars Ltd (NCLT Hyderabad)
NCLT Hyderabad held that the provisions of the Insolvency & Bankruptcy Code, 2016 (IBC) override the provisions of the State enacted law, such as, Andhra Pradesh Revenue Recovery Act, 1864.
Facts- The Corporate Debtor is engaged in the business of cane crushing and production of sugar and associated by-products. Corporate Debtor purchases sugarcane from farmers. Corporate Debtor committed default in paying the price for the sugarcane supplied by farmers to the units of the corporate debtor. Consequently, respondents n...
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