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IBC - Highlights / Catch Notes

Home Highlights October 2019 Year 2019 This

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

Insolvency and Bankruptcy

October 9, 2019

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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