The NCLAT Thursday set aside orders of the NCLT Kolkata-bench, and directed it to hear the insolvency plea against Duncans Industries afresh filed by A J Agrochem, an operational creditor of the tea firm.
Allowing the petition of Agrochem, a two-member NCLAT bench headed by Chairman Justice S J Mukhopadhaya has directed the National Company Law Tribunal (NCLT) to hear its plea and pass an appropriate order.
On October 5, 2018 the NCLT had rejected the insolvency plea on the ground that the provisions of the IBC are not applicable unless the Operational Creditor “seeks consent of the Central Government to start the Corporate Insolvency Resolution Process” in view of Section 16G(1) (c) of the …
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