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The Kolkata bench of the National Company Law Tribunal (NCLT) will hear an application for initiating insolvency proceedings against the ailing tea company Duncans Industries. Two former employees of the GP Goenka-owned company had moved the tribunal seeking insolvency proceedings and clearance of their dues.
Appearing for Duncans Industries, Rishav Banerjee, counsel, submitted that under the Tea Act, any winding up or insolvency proceeding cannot be initiated against the company without the consent of the Central Government.
The matter will come up for hearing on June 12.
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