Calcutta HC upheld vires of Sections 7, 8 and 9 of IBC, 2016

Akshay Jhunjhunwala & Anr. Vs Union of India (Calcutta High Court) The petitioners have assailed the vires of Sections 7, 8 and 9 of the Insolvency and Bankruptcy Code, 2016. Learned Senior Advocate appearing for the petitioners has submitted that, the second respondent is a corporate debtor in respect of whom a proceeding under the Code of 2016, is pending adjudication before the National Company Law Tribunal (NCLT), Kolkata. The Code of 2016, according to him, makes a distinction between a financial creditor and an operational creditor in respect of a corporate debtor which does not have...