The case involves a challenge to the constitutional validity of some provisions of the Insolvency and Bankruptcy Code, 2016 (IBC) before the Punjab & Haryana High Court. An interim order was passed by the High Court stating that the National Company Law Tribunal (NCLT), Chandigarh, may continue with the proceedings but should not pass a final order. The period of 270 days mentioned under the Code has come to an end. The Committee of Creditors rejected the resolution plans and opined that the matter should proceed for liquidation.
Punjab National Bank & Anr. filed an appeal against Ajmer Singh Bhullar & Ors. The Punjab & Haryana High Court had issued an interim order in a writ petition challenging the constitutional validity of certain provisions of the Insolvency and Bankruptcy Code, 2016 (IBC). The High Court's order restricted the NCLT, Chandigarh, from passing a final order. The Committee of Creditors rejected the resolution plans and suggested liquidation. The Supreme Court considered the appeal against this backdrop.
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The Punjab & Haryana High Court passed an…
The Supreme Court allowed the appeal, vacated…
The case involves a challenge to the constitutional validity of some provisions of the Insolvency and Bankruptcy Code, 2016 (IBC) before the Punjab & Haryana High Court. An interim order was passed by the High Court stating that the National Company Law Tribunal (NCLT), Chandigarh, may continue with the proceedings but should not pass a final order. The period of 270 days mentioned under the Code has come to an end. The Committee of Creditors rejected the resolution plans and opined that the matter should proceed for liquidation.
Punjab National Bank & Anr. filed an appeal against Ajmer Singh Bhullar & Ors. The Punjab & Haryana High Court had issued an interim order in a writ petition challenging the constitutional validity of certain provisions of the Insolvency and Bankruptcy Code, 2016 (IBC). The High Court's order restricted the NCLT, Chandigarh, from passing a final order. The Committee of Creditors rejected the resolution plans and suggested liquidation. The Supreme Court considered the appeal against this backdrop.
The Punjab & Haryana High Court passed an…
The Supreme Court allowed the appeal, vacated…