The Insolvency and Bankruptcy Board of India filed transfer petitions under Article 139(A) read with Article 142 of the Constitution of India, seeking the transfer of writ petitions filed before various High Courts to the Supreme Court. These writ petitions challenged a notification dated 15.11.2019 issued by the Ministry of Corporate Affairs, which brought into force provisions of the Insolvency and Bankruptcy Code, 2016, related to personal guarantors to corporate debtors. The writ petitioners also challenged the constitutionality of Sections 95, 96, 99, 100, and 101 of the IBC insofar as they apply to personal guarantors.
The Insolvency and Bankruptcy Board of India (IBBI) filed transfer petitions seeking to move writ petitions from various High Courts to the Supreme Court. These writ petitions challenged a notification dated 2019-11-15 issued by the Ministry of Corporate Affairs, which enforced certain provisions of the Insolvency and Bankruptcy Code (IBC) related to personal guarantors of corporate debtors. The writ petitioners also challenged the constitutionality of specific sections of the IBC (Sections 95, 96, 99, 100, and 101) as they applied to personal guarantors. The IBBI argued that transferring the cases would ensure consistent interpretation of the IBC and avoid conflicting judgments from different High Courts. The respondents, who were writ petitioners in the High Courts,
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The Ministry of Corporate Affairs issued a…
The provisions of the Insolvency and…
The Insolvency and Bankruptcy Board of India filed transfer petitions under Article 139(A) read with Article 142 of the Constitution of India, seeking the transfer of writ petitions filed before various High Courts to the Supreme Court. These writ petitions challenged a notification dated 15.11.2019 issued by the Ministry of Corporate Affairs, which brought into force provisions of the Insolvency and Bankruptcy Code, 2016, related to personal guarantors to corporate debtors. The writ petitioners also challenged the constitutionality of Sections 95, 96, 99, 100, and 101 of the IBC insofar as they apply to personal guarantors.
The Insolvency and Bankruptcy Board of India (IBBI) filed transfer petitions seeking to move writ petitions from various High Courts to the Supreme Court. These writ petitions challenged a notification dated 2019-11-15 issued by the Ministry of Corporate Affairs, which enforced certain provisions of the Insolvency and Bankruptcy Code (IBC) related to personal guarantors of corporate debtors. The writ petitioners also challenged the constitutionality of specific sections of the IBC (Sections 95, 96, 99, 100, and 101) as they applied to personal guarantors. The IBBI argued that transferring the cases would ensure consistent interpretation of the IBC and avoid conflicting judgments from different High Courts. The respondents, who were writ petitioners in the High Courts,
…The Ministry of Corporate Affairs issued a…
The provisions of the Insolvency and…