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SC notice to Centre in challenge to Insolvency and Bankruptcy Code

Posted Date : 10-Apr-2018 , 08:07:56 am | Posted By CASANSAAR print Print
In a significant development in relation to the Insolvency and Bankruptcy Code, 2016, the Supreme Court issued notice to the Central government in a petition challenging the vires of various provisions of the Insolvency and Bankruptcy Code, 2016 (Code).

The matter was heard by a Bench of Chief Justice Dipak Misra and Justices AM Khanwilkar and DY Chandrachud.

Senior Advocates Aryama Sundaram and KV Viswanathan and advocates Masoom Shah, Vishwas Shah and Udit Gupta appeared for the petitioners. Attorney General KK Venugopal represented the Centre.

The petitioners have challenged Sections 3(12), 5(7), 6, 7, 12, 29, 62, 214(f), 231 and 238 of Insolvency and Bankruptcy Code and Sections 409(2) and 419 of the Companies Act, 2013. Further, the petitioners have also assailed notifications dated August 12, 2016 and September 28, 2017 issued by the NCLT, Delhi.

The following are the prayers made in the petition:

  • Declare Section 3(12), 5(7), 6, 7, 12, 29, 62, 214(f), 231 and 238 of Insolvency and Bankruptcy Code, 2016 as ultra vires of the Constitution of India, 1950.
  • Declare Section 409(2) and Section 419 of Companies Act, 2013 as ultra vires of the Constitution of India, 1950.
  • Declare notification dated 12.08.16 and 28.09.2017 issued by the NCLT, Delhi as ultra vires of the Constitution of India, 1950 and/or Companies Act, 2013.
  • Quash and set aside the appointments made of the Respondent no. 6 and 7 under the Companies Act, 2013 as unconstitutional and non est and nullity and void ab intio.

The Court after hearing the parties today issued notice to the Centre and listed the matter for further hearing on April 23. #casansaar (Source - BrandBench)

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