2022 (7) TMI 1470 - SCH - Insolvency and Bankruptcy

Maintainability of petition - The issues involved in these writ petitions are similar and akin to those involved in other petitions pending in this Court questioning the validity of Sections 95(1), 96(1), 97 (5), 99 (1), 99(2), 99(4), 99 (5), 99 (6) and 100 of the Insolvency and Bankruptcy Code, 2016, wherein notices have been issued with interim orders. HELD THAT - Issue notice, returnable in six weeks - Tag with W.P(C)No.307 of 2022.

Summary

The Supreme Court issued notices in writ petitions challenging the validity of specific sections of the Insolvency and Bankruptcy Code, 2016. The petitioners are prohibited from transferring assets or legal rights, and the Resolution Professional is directed not to proceed with filing or acting upon any reports.