The Supreme Court on January 25, 2019 upheld the constitutional validity of the Insolvency and Bankruptcy Code (IBC).
A Bench headed by Justice R.F. Nariman upheld the constitutional validity of the code in its entirety. However, the apex court said that related parties in the Act should mean a person connected with the business.
The Bench disposed of a batch of pleas filed by companies challenging various provisions of the IBC.
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Insolvency is a situation where an individual or company is unable to repay their outstanding debt to creditors. A bankrupt entity is a debtor who has been declared as bankrupt by an adjudicating authority. As per the law, the National Company Law Tribunal (NCLT) is the adjudicating authority for compa… Read the full article at: https://www.jagranjosh.com/current-affairs/supreme-court-upholds-constitutional-validity-of-insolvency-and-bankruptcy-code-1548416816-1 Go to Top Call Now Button |