The Delhi High Court has asked the Centre to revisit its bid conditions that impose blanket ban on the companies having undergone corporate insolvency resolution process in the last seven years from participating in the government tenders.
It said that while the courts cannot introduce or delete any tender condition, the government as also the tender issuing authority must examine the issue.
“…while formulating the tender conditions, the tendering authority should not take into account the provisions of the Insolvency and Bankruptcy Code, 2016, under which a company is resurrected as an ongoing concern by a Successful Resolution Applicant (SRA), in order to achieve the objectives underlying the IBC to nurture such companies instead of…