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, the Central Government in exercise of its power under Section 16E of the Tea Act, 1953 had taken over the control of 7 tea gardens. Respond...