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The judgment by the Supreme Court came in a batch of over 200 petitions challenging several provisions of the Insolvency and Bankruptcy Code, 2016 (IBC) before the Supreme Court.
The National Company Law Tribunal, Kolkata Bench has approved the Resolution Plan submitted by Dalmia Bharat Refractories Limited and Himadri Speciality Chemicals Limited in respect of Birla Tyres Limited.
Provides relief to lenders whose petitions for insolvency of personal guarantors was getting delayed
The Supreme Court upheld certain key provisions of the Insolvency and Bankruptcy Code which were challenged on grounds of being violative of fundamental rights like the right to equality of those against whom insolvency proceedings are initiated.
Petitioners, challenging several provisions of the Insolvency and Bankruptcy Code (IBC), on Tuesday told the Supreme Court that these not only failed to uphold the principles of natural justice but also infringed upon fundamental rights guaranteed under Article 21, 14 and 19 (1) (g) of the Constitution.