https://www.taxtmi.com/caselaws?id=759463 The Madras HC held that the Insolvency and Bankruptcy Code, 2016 does not override the Tamil Nadu Protection of Interests of Depositors in Financial Establishments Act, 1997 so as to invalidate attachment proceedings under the State law. The depositor-protection enactment was treated as a special statute within legislative competence, upheld on the principles of pith and substance and incidental trenching, and marginal overlap with central insolvency law was not enough to displace it. On that basis, the Tribunal's order setting aside the attachment could not stand, and the State proceedings remained unaffected. en-us Thu, 12 Sep 2024 00:00:00 +0530 Tue, 01 Oct 2024 18:27:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=759463 The Madras HC held that the Insolvency and Bankruptcy Code, 2016 does not override the Tamil Nadu Protection of Interests of Depositors in Financial Establishments Act, 1997 so as to invalidate attachment proceedings under the State law. The depositor-protection enactment was treated as a special statute within legislative competence, upheld on the principles of pith and substance and incidental trenching, and marginal overlap with central insolvency law was not enough to displace it. On that basis, the Tribunal's order setting aside the attachment could not stand, and the State proceedings remained unaffected. Case-Laws IBC Thu, 12 Sep 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=759463