SC upholds constitutional validity of Insolvency and Bankruptcy Code

The Supreme Court on Friday upheld the constitutional validity of the Insolvency and Bankruptcy Code (IBC).

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 the business.

The Bench disposed of a batch of pleas filed by companies challenging various provisions of the IBC.