The Supreme Court on Thursday said that the new insolvency law, being a parliamentary law, will prevail over similar state laws during initiation of the corporate insolvency resolution process by lenders to recover debts from corporate entities. (Photo: Reuters)The Supreme Court on Thursday said that the new insolvency law, being a parliamentary law, will prevail over similar state laws during initiation of the corporate insolvency resolution process by lenders to recover debts from corporate entities. In a first case filed under the Insolvency and Bankruptcy Code, 2016, a bench led by Justice Rohinton Nariman said that it is settled law that a consolidating and amending act like the present Central enactment forms a code …
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