DUNCANS INDUSTRIES LTD. V. A.J. AGROCHEM
SC-Confirming the order of the NCLAT which held that the insolvency petition under Sec. 9 of the Insolvency and Bankruptcy Code, 2016 initiated by the respondent-operation creditor shall be maintainable, the Hon’ble SC observed that the entire “corporate insolvency resolution process” as such cannot be equated with “winding up proceedings”. The provisions of the IBC would have an over-riding effect over the Tea Act, 1953 and that no prior consent of the Central Government before initiation of the proceedings under Sec. 7 or Sec. 9 of the IBC would be required and even without such consent of the Central Government, the insolvency proceedings under Sec. 7 or Sec. 9 of the IBC initiated by the operational creditor shall be maintainable.-Hon'ble Justices Arun Mishra,M.R. Shah and B.R. Gavai[04-10-2019]
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