2020 (1) TMI 1503 - SCH - Insolvency and Bankruptcy

Constitutional validity of provisions of Insolvency and Bankruptcy Code, 2016 and more particularly Section 3(8), Section 3(23) and Section 238 and also Sections 7, 8 9 - Government companies - it was held by High Court that We do not think that the National Company Law Tribunal should precipitate the matter when a constitutional challenge is pending before this Court. None can dispute that it is only this Court which can deal with the challenge raised to the constitutional validity of the provisions of the IBC. HELD THAT - There are no ground to interfere with the impugned order(s) passed by the High Court. The special leave petition is, accordingly, dismissed.

Summary

The Supreme Court of India dismissed the special leave petition as they found no ground to interfere with the impugned order(s) passed by the High Court. Pending application(s) shall stand disposed of. The case was presided over by Hon'ble Mr. Justice Arun Mishra and Hon'ble Ms. Justice Indira Banerjee.