Supreme Court Allows Appeal in Insolvency Case Under IBC, Holds Prior Consent Under Section 16G of Tea Act Required for Initiation of CIRP Against Tea Gardens Under Central Government Management. The court ruled that the Tea Act, 1953, being a special legislation, requires prior consent of the Central Government for initiating insolvency proceedings under Section 9 of the IBC against a corporate debtor whose tea gardens are under government management.
4 Oct 2019The case involves a dispute between Duncans Industries Ltd. (the appellant/corporate debtor) and A. J. Agrochem (the respondent/operational creditor) ...
