The Gujarat High Court has issued a show cause notice to the Central government in a challenge to the Insolvency and Bankruptcy Code (IBC), 2016.
A Division Bench of Chief Justice R Subhash Reddy and Justice Vipul M Pancholi issued notice returnable on January 22, 2018, in a petition filed by Accord Industries Ltd, Ahmedabad, through Advocate Vishal J Dave.
Financial creditor Canbank Factors Ltd. had initiated action under the IBC against the petitioner for which notice was served in October 2017. However, prior to the same, a case had already been filed by the creditor before the Commercial Court, City Civil Court at Ahmedabad, which is currently pending.
In this context, the petitioner has challenged the enabling provisions of t…
Read the full article at: https://barandbench.com/insolvency-bankruptcy-code-gujarat-hc/
