SUPREME COURT : In Pr. Commissioner of Income Tax vs. Monnet Ispat and Energy Ltd.

Insolvency and Bankruptcy Code, 2016 overrides all Acts including Income Tax Act, 1961.

Given Section 238 of the Insolvency and Bankruptcy Code, 2016, it is obvious that the Code will override anything inconsistent contained in any other enactment, including the Income Tax Act and its progeny, making it clear that income-tax dues, being in the nature of Crown debts, do not take precedence even over secured creditors, who are private persons.

Link : https://www.sci.gov.in/supremecourt/2018/4309/4309_2018_Order_10-Aug-2018.pdf