Provisions of IBC overrides provisions of State enacted law: NCLT Hyderabad

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 no.2 and 3 initiat...