29 January, 2019
The constitutional validity of the Insolvency & Bankruptcy Code, 2016 ('IBC') had been challenged in the Supreme Court on various grounds. In its Order today, the Supreme Court has upheld the constitutional validity of the IBC in its entirety, and has made certain observations to narrow the ambit of Section 29A of the IBC. The Order of the Supreme Court has been recently published, and we will circulate our detailed analysis of the Order shortly.
Mr. Bahram N. Vakil, one of the founding partners of AZB & Partners was a member of the Indian Government's Bankruptcy Law Reform Committee which was instrumental in drafting the policy and legislative framework of the IBC. He is now a member of the Indian Government's Insolvency Law Committee, constituted to conduct an ongoing review of the IBC and recommend amendments/clarifications.
AZB & Partners was also representing the Reserve Bank of India (which is one of the respondents along with the Union of India) in defending the constitutionality of the IBC in the Supreme Court.
For further information, please contact:
Zia Mody, Partner, AZB & Partners
zia.mody@azbpartners.com
