SC held Insolvency & Bankruptcy Code overrides Tea Act,1953

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,

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