NCLAT Decides On The Requirement Of Seeking Government Approval For Making An Insolvency Application Against A Tea Company

On 20 June 2019, the National Company Law Appellate Tribunal (NCLAT), in A. J. Agrochem v Duncans Industries Limited, passed an order deciding the issue of whether approval of the Central Government under Section 16(G)(1)(c) of the Tea Act, 1953 (Tea Act) is necessary for filing an application under of the Insolvency and Bankruptcy Code, 2016 (IBC) against a tea company