NDLI: Duncans Industries Ltd. Vs. A. J. Agrochem

Content Provider	Supreme Court of India
e-ISSN	30484839
Language	English
Access Restriction	NDLI
Subject Keyword	ss. 7 IBC winding up proceedings CRIP 9 and 238
Content Type	Text
Resource Type	Law Judgement
Jurisdiction	India
Act(s) Referred	Insolvency and Bankruptcy Code, 2016 (31 of 2016)
Case(s) Referred	Referred Case 0 Referred Case 1 Referred Case 2 Referred Case 3
Case Type	Appeal
Court	Supreme Court of India
Disposal Nature	Appeal Dismissed
Headnote	Insolvency and Bankruptcy Code, 2016: ss. 7, 9 and 238 – Application for initiation of corporate insolvency resolution process by operational creditor – On facts, appellant-operational debtor managing 14 tea gardens, out of which, Central Government in exercise of power u/s. 16E of the Tea Act, took control of 7 gardens – Appellant defaulted in making payment to respondent–operational creditor against the pesticides supplied by the respondent – Initiation of insolvency proceedings u/s. 9 by the respondent against the appellant – NCLT held that the proceedings were not maintainable since prior consent of Central Government as required u/s. 16 G not obtained – In appeal, NCLAT held that application u/s. 9 was maintainable even without consent of Central Government in terms with s. 16 G – On appeal, held: Section 16G(1)(c) shall not be applicable at all, as the appellant-corporate debtor is continuing to be in management and control of the tea gardens – Provisions of the IBC shall have an over-riding effect over the Tea Act, 1953 – No prior consent of the Central Government before initiation of the proceedings u/s. 7 or s. 9 would be required and even without such consent of the Central Government, the insolvency proceedings u/s. 7 or s. 9 initiated by the operational creditor shall be maintainable – Thus, the order passed by NCLAT upheld – Tea Act, 1953 – s. 16G(1)(c). Emphasis of – Held: Primary focus of the Code while enacting, is to ensure revival and continuation of the corporate debtor by protecting the corporate debtor from its own management and from a corporate debt by liquidation and such corporate insolvency resolution process is to be completed in a time-bound manner – As such the entire “corporate insolvency resolution process” cannot be equated with “winding up proceedings”.
Judge	Hon'ble Mr. Justice M.R. Shah
Neutral Citation	2019 INSC 1136
Petitioner	Duncans Industries Ltd.
Respondent	A. J. Agrochem
SCR	[2019] 12 S.C.R. 830
Judgement Date	2019-10-04
Case Number	5120

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Duncans Industries Ltd. Vs. A. J. Agrochem

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Duncans Industries Ltd. Vs. A. J. Agrochem

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