L.NAGESWARA RAO, HEMANT GUPTA, AJAY RASTOGI
Insolvency and Bankruptcy Board of India – Appellant
Versus
Lalit Kumar Jain – Respondent
ORDER :
1. The Insolvency and Bankruptcy Board of India has filed the above Transfer Petitions under Article 139 (A) read with Article 142 of the Constitution of India seeking transfer of the Writ Petitions filed before High Courts to this Court.
2. By a Notification dated 15.11.2019, the Ministry of Corporate Affairs, Government of India in exercise of its power conferred under Section 1(3) of the Insolvency and Bankruptcy Code, 2016 brought into force the following provisions of the Insolvency and Bankruptcy Code, 2016 insofar as they related to 'personal guarantors to corporate debtors' with effect from 01.12.2019:-
i. Clause (e) of Section 2;
ii. Section 78 (except with regard to fresh start process) and Sections 79;
iii. Sections 94 to 187 (both inclusive);
iv. Clause (g) to Clause (i) of sub-section (2) of Section 239
v. Clause (m) to Clause (zc) of sub-section (2) of Section 239;
vi. Clause (zn) to Clause (zs) of sub-section (2) of Section 240;
vii. Section 249.
3. Writ Petitions were filed in the High Court of Delhi and other High Courts challenging the Notification dated 15.11.2019 and the Insolvency and Bankruptcy (Application to Adjudicating Authority for Insolvency Resolution P
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