{"id":60045,"date":"2020-07-28T21:41:37","date_gmt":"2020-07-28T16:11:37","guid":{"rendered":"https:\/\/www.legalindia.com\/news\/?p=60045"},"modified":"2020-07-28T21:41:37","modified_gmt":"2020-07-28T16:11:37","slug":"plea-against-insolvency-code-ordinance-delhi-high-court-seeks-centre-stand","status":"publish","type":"post","link":"https:\/\/www.legalindia.com\/news\/plea-against-insolvency-code-ordinance-delhi-high-court-seeks-centre-stand","title":{"rendered":"Plea against Insolvency code ordinance : Delhi High Court seeks Centre stand"},"content":{"rendered":"<p>The Delhi High Court Tuesday sought the Centre&#8217;s reply on a plea challenging the Insolvency and Bankruptcy Code (IBC) Ordinance which suspended proceedings against defaults arising on or after March 25 for six months in view of the COVID-19 pandemic.<\/p>\n<p>A bench of Chief Justice D N Patel and Justice Prateek Jalan issued notice to the Ministry of Law and the Insolvency and Bankruptcy Board of India (IBBI) seeking their stand by August 31 on the plea which seeks setting aside of the amendment made in the IBC by the ordinance<\/p>\n<p>Central government standing counsel Amit Mahajan, appearing for the ministry, opposed the plea s<a href=\"https:\/\/i0.wp.com\/www.legalindia.com\/news\/wp-content\/uploads\/sites\/2\/2018\/10\/Image-of-Insolvency-and-Bankruptcy-Code-2016.png?ssl=1\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" data-attachment-id=\"54495\" data-permalink=\"https:\/\/www.legalindia.com\/news\/jurisprudence-emanating-from-section-238-a-of-the-insolvency-bankruptcy-code-2016\/image-of-insolvency-and-bankruptcy-code-2016\" data-orig-file=\"https:\/\/i0.wp.com\/www.legalindia.com\/news\/wp-content\/uploads\/sites\/2\/2018\/10\/Image-of-Insolvency-and-Bankruptcy-Code-2016.png?fit=305%2C458&amp;ssl=1\" data-orig-size=\"305,458\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"Image-of-Insolvency-and-Bankruptcy-Code-2016\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/i0.wp.com\/www.legalindia.com\/news\/wp-content\/uploads\/sites\/2\/2018\/10\/Image-of-Insolvency-and-Bankruptcy-Code-2016.png?fit=305%2C458&amp;ssl=1\" class=\"alignleft size-full wp-image-54495\" src=\"https:\/\/i0.wp.com\/www.legalindia.com\/news\/wp-content\/uploads\/sites\/2\/2018\/10\/Image-of-Insolvency-and-Bankruptcy-Code-2016.png?resize=305%2C458&#038;ssl=1\" alt=\"\" width=\"305\" height=\"458\" srcset=\"https:\/\/i0.wp.com\/www.legalindia.com\/news\/wp-content\/uploads\/sites\/2\/2018\/10\/Image-of-Insolvency-and-Bankruptcy-Code-2016.png?w=305&amp;ssl=1 305w, https:\/\/i0.wp.com\/www.legalindia.com\/news\/wp-content\/uploads\/sites\/2\/2018\/10\/Image-of-Insolvency-and-Bankruptcy-Code-2016.png?resize=67%2C100&amp;ssl=1 67w, https:\/\/i0.wp.com\/www.legalindia.com\/news\/wp-content\/uploads\/sites\/2\/2018\/10\/Image-of-Insolvency-and-Bankruptcy-Code-2016.png?resize=200%2C300&amp;ssl=1 200w\" sizes=\"auto, (max-width: 305px) 100vw, 305px\" \/><\/a>aying it was not maintainable.<\/p>\n<p>Mahajan said the petitioner &#8212; Rajeev Suri &#8212; has been unable to show his locus for filing the instant PIL.<\/p>\n<p>According to the IBC Ordinance issued on June 5, default on repayments from March 25, the day when the nationwide lockdown began to curb the spread of coronavirus infections, would not be considered for initiating insolvency proceedings for a certain period of time.<\/p>\n<p>Insolvency proceedings would not be initiated for &#8220;any default arising on or after March 25, 2020 for a period of six months or such further period, not exceeding one year from such date, as may be notified in this behalf&#8221;, the ordinance has said.<\/p>\n<p>Under the IBC, an entity can seek insolvency proceedings against a company even if the default is only for one day. This is subject to the minimum threshold of Rs 1 crore. Earlier, the threshold was Rs 1 lakh.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Delhi High Court Tuesday sought the Centre&#8217;s reply on a plea challenging the Insolvency and Bankruptcy Code (IBC) Ordinance which suspended proceedings against defaults arising on or after March 25 for six months in view of the COVID-19 pandemic. A bench of Chief Justice D N Patel and Justice Prateek Jalan issued notice to [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":54495,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[1],"tags":[45269,46816,43997,44566],"class_list":["post-60045","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-top-law-news","tag-chief-justice-d-n-patel","tag-ibc","tag-insolvency-and-bankruptcy-code","tag-justice-prateek-jalan"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Plea against Insolvency code ordinance : Delhi High Court seeks Centre stand - Legal News India - Supreme Court &amp; High Court Updates<\/title>\n<meta name=\"description\" content=\"The Delhi High Court Tuesday sought the Centre&#039;s reply on a plea challenging the Insolvency and Bankruptcy Code (IBC) Ordinance which suspended - Get the latest legal news from the Supreme Court, High Courts, and government. 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A bench headed by Justice R F Nariman said they have upheld the constitutional validity \"in its entirety\". The court, however, said that related parties in the act should mean a person connected with\u2026","rel":"","context":"In &quot;Top Law News&quot;","block_context":{"text":"Top Law News","link":"https:\/\/www.legalindia.com\/news\/category\/top-law-news"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.legalindia.com\/news\/wp-content\/uploads\/sites\/2\/2019\/01\/sc-1-300x143.jpg?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":56850,"url":"https:\/\/www.legalindia.com\/news\/supreme-court-orders-status-quo-in-essar-insolvency-case","url_meta":{"origin":60045,"position":2},"title":"Supreme Court orders status quo in Essar insolvency case","author":"Legal India Admin","date":"July 22, 2019","format":false,"excerpt":"The Supreme Court Monday ordered status quo as of today in the Essar insolvency case. A bench headed by Justice R F Nariman said the monitoring committee will continue its work till the case is heard on August 7. 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The CoC of DHFL comprises of banks, financial institutions, and authorised representatives acting on behalf of a large number of debenture holders (both\u2026","rel":"","context":"In &quot;Top Law News&quot;","block_context":{"text":"Top Law News","link":"https:\/\/www.legalindia.com\/news\/category\/top-law-news"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":59697,"url":"https:\/\/www.legalindia.com\/news\/6-of-total-and-14-of-closed-cases-find-resolution-under-ibc-so-far","url_meta":{"origin":60045,"position":4},"title":"6% of total and 14% of closed cases find resolution under IBC so far","author":"Legal India Admin","date":"May 23, 2020","format":false,"excerpt":"Less than six percent of the total cases filed under India's four-year-old bankruptcy code have found resolution till the end of March 2020, the latest data from the Insolvency and Bankruptcy Board of India (IBBI) shows. 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