Maintainability of application - initiation of CIRP - the entire ...

CIRP application valid; CIRP distinct from winding-up. IBC overrides Tea Act u/s 238 for conflict resolution.

October 9, 2019

Case Laws Insolvency and Bankruptcy SC

Maintainability of application - initiation of CIRP - the entire “corporate insolvency resolution process” as such cannot be equated with “winding up proceedings” - considering Section 238 of the IBC, which is a subsequent Act to the Tea Act, 1953, shall be applicable and the provisions of the IBC shall have an overriding effect over the Tea Act, 1953. Any other view would frustrate the object and purpose of the IBC.

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Maintainability of application - initiation of CIRP - the entire ...

CIRP application valid; CIRP distinct from winding-up. IBC overrides Tea Act u/s 238 for conflict resolution.

October 9, 2019

Case Laws Insolvency and Bankruptcy SC

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