Supreme Court upholds validity of Insolvency and Bankruptcy Code (Amendment) Act, 2020

The amendments mandated a minimum of 100 home buyers to come together to file an insolvency application in the National Company Law Tribunal (NCLT) to trigger the IBC against a defaulting developer.
Supreme Court upholds validity of Insolvency and Bankruptcy Code (Amendment) Act, 2020
insolvency & bankruptcy

The Supreme Court on Tuesday upheld the Constitutional validity of the amendments made to the Insolvency and Bankruptcy Code (IBC) in 2020 that mandated a minimum of 100 home buyers to come together to file an insolvency application in the National Company Law Tribunal (NCLT) to trigger the IBC against a defaulting developer.

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