Vide the notification dated January 28, 2016 under Section 16E of the Tea Act, the central government had authorised the Tea Board to take over the control and management of the seven ailing tea estates of the GP Goenka-headed company in north Bengal.The Kolkata bench of the National Company Law Tribunal (NCLT) has dismissed a plea filed by an operational creditor of Duncans Industries to commence insolvency proceedings against the ailing tea company of The Duncan Goenka Group.
The insolvency petition was filed under Section 9 of the Insolvency & Bankruptcy Code (IBC) by AJ Agro Chem, a Surat-based firm, against Duncans Industries as the latter was unable to pay Rs 41.55 lakh towards the supply of various pesticides and herbi…
Read the full article at: https://www.financialexpress.com/industry/nclt-dismisses-insolvency-petition-against-duncans-industries/1340202/