SC upholds validity of key provisions of Insolvency and Bankruptcy Code, 2016 ...Middle East

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SC upholds validity of key provisions of Insolvency and Bankruptcy Code, 2016
New Delhi: The Supreme Court on Thursday refused to read down several key provisions of the Insolvency and Bankruptcy Code (IBC) pertaining to the personal guarantors’ Insolvency Resolution Process. A bench, headed by CJI D.Y. Chandrachud, upheld the constitutionality of the impugned provisions saying that the IBC does not suffer from vices of arbitrariness. It held that it could not “rewrite” legislation by reading into an opportunity of hearing to be given to the personal guarantors. The petitioners challenged several provisions of the Code saying that they not only failed to uphold the principles of natural justice but also infringed upon fundamental rights guaranteed under Articles 21,

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