https://www.taxtmi.com/article/detailed?id=9443 The Court concluded that the subsequent insolvency legislation governs where its purpose would otherwise be frustrated by the Tea Act: Section 238 principles render the IBC overriding, permitting creditors to initiate insolvency resolution without central government consent when the corporate debtor continues in management and control, because the Tea Act's prior consent requirement applies only where actual control has passed to the government and pertains to winding up or receivership, not to the broader, time bound corporate insolvency resolution process under the IBC. en-us Fri, 28 Aug 2020 13:48:13 +0530 Fri, 28 Aug 2020 13:48:13 +0530 TaxTMI RSS Generator https://www.taxtmi.com/article/detailed?id=9443 The Court concluded that the subsequent insolvency legislation governs where its purpose would otherwise be frustrated by the Tea Act: Section 238 principles render the IBC overriding, permitting creditors to initiate insolvency resolution without central government consent when the corporate debtor continues in management and control, because the Tea Act's prior consent requirement applies only where actual control has passed to the government and pertains to winding up or receivership, not to the broader, time bound corporate insolvency resolution process under the IBC. Articles Other Topics Fri, 28 Aug 2020 13:48:13 +0530 https://www.taxtmi.com/article/detailed?id=9443