The writ petition challenges the provisions of Section 3(10) of the Insolvency and Bankruptcy Code (IBC), 2016, read with Regulation 9A, arguing that they fail to define 'other creditors' and thus violate Article 14 of the Constitution. The petitioner, a shareholder of public listed companies, claims that the IBC and its regulations do not adequately address the treatment of 'decree holders' in the insolvency resolution process, leading to classification issues. The petitioner seeks clarification on whether claims filed by 'decree holders' under CIRP should be treated on par with 'financial creditors'.
Sri Subhankar Bhowmik filed a writ petition challenging Section 3(10) of the Insolvency and Bankruptcy Code (IBC), 2016, read with Regulation 9A. The petitioner, a shareholder of public listed companies, argues that the IBC fails to define 'other creditors' and does not adequately address the treatment of 'decree holders' in the insolvency resolution process. The petitioner seeks a declaration that claims filed by 'decree holders' under CIRP should be treated on par with 'financial creditors'. The petition highlights the lack of authoritative pronouncements from the Supreme Court or High Court on the issues raised. The petitioner contends that without a clear prescription in the IBC, 'decree holders' fall into the residual class of 'other creditors,' which is arbitrary
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Order issued…
The Insolvency and…
The writ petition challenges the provisions of Section 3(10) of the Insolvency and Bankruptcy Code (IBC), 2016, read with Regulation 9A, arguing that they fail to define 'other creditors' and thus violate Article 14 of the Constitution. The petitioner, a shareholder of public listed companies, claims that the IBC and its regulations do not adequately address the treatment of 'decree holders' in the insolvency resolution process, leading to classification issues. The petitioner seeks clarification on whether claims filed by 'decree holders' under CIRP should be treated on par with 'financial creditors'.
Sri Subhankar Bhowmik filed a writ petition challenging Section 3(10) of the Insolvency and Bankruptcy Code (IBC), 2016, read with Regulation 9A. The petitioner, a shareholder of public listed companies, argues that the IBC fails to define 'other creditors' and does not adequately address the treatment of 'decree holders' in the insolvency resolution process. The petitioner seeks a declaration that claims filed by 'decree holders' under CIRP should be treated on par with 'financial creditors'. The petition highlights the lack of authoritative pronouncements from the Supreme Court or High Court on the issues raised. The petitioner contends that without a clear prescription in the IBC, 'decree holders' fall into the residual class of 'other creditors,' which is arbitrary
…Order issued…
The Insolvency and…