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2020 Supreme(SC) 644

L.NAGESWARA RAO, HEMANT GUPTA, AJAY RASTOGI
Insolvency and Bankruptcy Board of India – Appellant
Versus
Lalit Kumar Jain – Respondent


Advocate Appeared:
For the Appellants :Madhavi Divan, Apoorv Khator, Vikas Mehta, Advocates.
For the Respondents:Karan Batura, Alok Dhir, Varsha Banerjee, Rajiv Singh, Srujana Suman Mund, Rishi Raj Sharma, E.C. Agrawala, Rohit Sharma, Pranav Bhaskar, Atul Agarwal, Rounak Nayak, Kumar Dushyant Singh, Vedula Venkataramana, Vikram Pooserla, Tadimalla Bhaskar Gowtham, Nitish Bandary, P. Gautham Rao, Abhinay Reddy M., Sandeep Singh, Vikas Kumar, Manish Paliwal, M/s. Corporate Legal Partners, Pradeep Aggarwal, Lal Pratap Singh, Umesh Pratap Singh, Arjun Aggarwal, Ruchi Kohli, Sanjay Kapur, Megha Karnwal, V.M. Kannan, Gopal Jha, D. Bharat Kumar, Aman Shukla, Jibran Tak, Abas Singh, Ankit Anandraj Shah, Advocates.

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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