2018 (10) TMI 1978 - HC - Insolvency and Bankruptcy

Seeking stay of the order dated 5th September, 2018 passed by the National Company Law Tribunal, Principal Bench, New Delhi - Constitutional Validity of Regulation 36A of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 - HELD THAT - There shall be stay of the order dated 5th September, 2018 passed by the National Company Law Tribunal, Principal Bench, New Delhi to the extent it declares Regulation 36A of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 as ultra vires, shall remain stayed. Issue notice to the respondents returnable on 16th January, 2019.

Summary

The Delhi High Court allowed exemptions subject to all just exceptions in C.M.No.41159/2018. In LPA 566/2018, the court issued notice to the respondents returnable on 16th January, 2019. The court also granted a stay of the order dated 5th September, 2018, which declared Regulation 36A of the Insolvency and Bankruptcy Board of India Regulations as ultra vires.