SC issues notice in Homebuyers' plea against minimum threshold for initiation of insolvency proceedings against developers
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SC issues notice in Homebuyers' plea against minimum threshold for initiation of insolvency proceedings against developers

Bar & Bench

The Supreme Court today issued notice in petitions challenging the constitutional validity of the Insolvency and Bankruptcy Code (Amendment) Ordinance, 2019 insofar as it amends Section 7 of the Insolvency and Bankruptcy Code, 2016 for homebuyers.

Notice was issued to the Union of India by a Bench of Justice Rohinton Nariman and Justice Ravindra Bhat while also directing to maintain status quo in all pending applications before NCLT.

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