Shikhil suri - Latest News Update, Information, Photos & Videos on Shikhil suri at Lokmat Times

The Delhi High Court on Tuesday issued a notice to the central government on a petition challenging the constitutional validity of the Insolvency and Bankruptcy Code (Amendment) Ordinance, 2020, suspending provisions of Section 7, 9 and Section 10 of the Insolvency and Bankruptcy Code, 2016.The petition, filed by Rajeev Suri through advocate Shikhil Suri, said that the Insolvency and Bankruptcy Code (Amendment) Ordinance, 2020, promulgated on June 5, 2020, suspended Sections 7, 9, and 10 of the Insolvency and Bankruptcy Code, 2016.According to the June 5 ordinance, in view of the pandemic default on repayments from March 25 would not be considered for initiating insolvency proceedings for a certain period.A bench of Justice DN Patel and Justice Prateek Jalan issued notice to the Union Ministry of Law and Justice and Insolvency and Bankruptcy Board of India and sought a reply till August 31 in the matter.Additional Solicitor General Chetan Sharma and advocate Amit Mahajan, appearing for Union of India, opposed the petition on the ground of locus of the petitioner and said the plea is not maintainable.The petition sought directions declaring the suspension of Section 10 vide Insolvency and Bankruptcy Code, (Amendment) Ordinance, 2020 as ultra vires Articles 14 and19(1)(g) of the Constitution of India.The plea said that the ordinance inserts a new Section 10A. It said that the said ordinance suspending the initiation of the corporate insolvency resolution process under Section 10 by a corporate applicant is irrational, arbitrary, unjust, and malafide."The effect of the said Ordinance is to deprive a corporate applicant of its statutory rights under Section 10 and is also violative of Article 14 of the Constitution. The said Ordinance in suspending the provisions of Section 10 of the Code will push the compes towards liquidation, discourage entrepreneurship and defeat the objectives of the Code," the plea said.It said that the suspension of this section for a period of six months and up to one year would result in further deterioration of the affairs of the corporate debtor and result in making the restructuring/ revival of the corporate debtor unviable."This one side sits all approach is contrary to the main objectives of the Code and instead of promoting the objective of maximization of value, will result in defeating the objectives of the code as no restructuring/ revival/ resolution will be now possible," the plea said.( With inputs from ANI )

Home

City

Latest News

Cricket

LT Premium

National

International

Maharashtra

Opinions

Chhatrapati Sambhajinagar

Nagpur

Entertainment

Photos

Business

Technology

Sports

Lifestyle

Social Viral

Lokmat Games

Health

Pahalgam Terror Attack

Tahawwur Rana

IPL 2025

CM Devendra Fadnavis

Mumbai Local

Weather Update

Shikhil SuriFOLLOW

Shikhil suri, Latest News

National :Policy decision: SC junks plea against change in land use in Central Vista project

New Delhi, Nov 23 The Supreme Court on Tuesday junked a petition, challenging change of land use of ... ...

National :Area in question housed govt offices for 90 years: Centre defends Central Vista in SC

New Delhi, Oct 29 The Centre urged the Supreme Court to dismiss a plea challenging a notification for ... ...

International :Plea claims Central Vista will impact children's park, SC issues notice

New Delhi, Oct 25 The Supreme Court on Monday sought response from the Centre, within three days, on ... ...

International :SC notice on plea claiming Centre Vista will impact children's park

New Delhi, Oct 25 The Supreme Court on Monday sought response from the Centre, within three days, on ... ...

National :Plea challenges IBC (Amendment) Ordinance 2020, Delhi HC issues notice

The Delhi High Court on Tuesday issued a notice to the central government on a petition challenging the constitutional validity of the Insolvency and Bankruptcy Code (Amendment) Ordinance, 2020, suspending provisions of Section 7, 9 and Section 10 of ...