Section 4(b) of Sick Industrial Companies (Special Provisions) Repeal Act, 2003 is constitutionally valid: HC

M/S Atv Projects (India) Ltd Vs. Union Of India & Ors. (Delhi High Court) Under the newly enacted Section 4(b) there are only two classes of persons, namely (i) those persons in whose cases schemes were sanctioned and (ii) those persons in whose cases the schemes were pending. In the former, there are two sub-classes namely; – schemes which were required to be implemented, where the NCLT could be approached and – schemes where appeals were yet to be filed by the party aggrieved, where the NCLAT could be approached. In the latter class of cases, there is only one remedy i.e. to ...