Constitutional Validity of Insolvency and Bankruptcy Code

The Supreme Court on January 25 upheld the Constitutional validity of the Insolvency and Bankruptcy Code, 2016 (IBC).

Points to Remember

  • The apex court also dismissed the contention that the
  • appointments made to the National Company Law Tribunal and National Company Law Appellate Tribunal (NCLAT) were contrary to its earlier judgments and the Companies Act.
  • The judgment directed the government to establish Circuit Benches of NCLAT within a period of six months.

Success Story of IBC

  • Citing Reserve Bank of India statistics, the judgement said “credit that has been given by banks and financial institutions to the commercial sector (other than ....

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