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2021 Supreme(SC) 23

ROHINTON FALI NARIMAN, NAVIN SINHA, K. M. JOSEPH
MANISH KUMAR – Appellant
Versus
UNION OF INDIA – Respondent


Advocates Appeared:
For the Appellant :Mr. Vaibhav Manu Srivastava, Advocate, Mr. Akash Vajpayee, Advocate, Mr. Akshay Ravi, Advocate, Mr. Krishnamohan K. Menon, Advocate, Mr. Chaitanyashil Priyadarshi, Advocate, Ms. Dania Nayyar, Advocate, Ms. Parul Sachdeva, Advocate, Mr. Namit Saxena, Advocate, Mr. Piyush Singh, Advocate, Mr. Aditya Parolia, Advocate, Mr. Akshay Srivastava, Advocate, Mr. Nithin Chandran, Advocate, Mr. Rajesh Kumar, Advocate, Mr. Gaurav Goel, Advocate, Mr. Ashwarya Sinha, Advocate, Mr. Deepak Anand, Advocate, Mr. Mareesh Pravir Sahay, Advocate, Ms. Eccha Shukla, Advocate, Ms. Awantika, Advocate, Mr. Sudhir Kumar Gupta, Advocate, Mr. Shikhil Suri, Advocate, Mr. Shiv Kumar Suri, Advocate, Ms. Madhu Suri, Advocate, Ms. Shilpa Saini, Advocate, Ms. Nikita Thapar, Advocate, Ms. Vinishma Kaul, Advocate, Ms. Priyanjali Singh, Advocate, Ms. Rashi Bansal, Advocate, Mr. Dinesh Chandra Pandey, Advocate, Mr. Dhruv Gupta, Advocate, Mr. Arjun Singh Bhati, Advocate, Mr. Annam D. N. Rao, Advocate, Mr. Rahul Mishra, Advocate, Mr. Saurabh Trivedi, Advocate, Ms. Purti Marwaha Gupta, Advocate, Ms. Anindita Pujari, Advocate, Mr. Arvind Kumar Gupta, Advocate, Ms. Henna George, Advocate, Ms. Deval Singh, Advocate, Mr. Om Narayan, Advocate, Mr. E. C. Agrawala, Advocate, Ms. Bharti Tyagi, Advocate, Mr. Rajesh Goyal, Advocate, Mr. Sumit Gehlawat, Advocate, Mr. Tervernder Singh, Advocate, Mr. Abhishek Bharadwaj, Advocate, Mr. Pai Amit, Advocate, Ms. Pankhuri Bharadwaj, Advocate, Mr. Rakesh Taneja, Advocate, Mr. Pai Amit, Advocate, Mr. Parshuram A.L., Advocate, Mr. Rohit R. Saboo, Advocate, Mr. Kumar Vaibhav, Advocate, Mr. Ankit Agrawal, Advocate, Mr. Rahat Bansal, Advocate, Mr. Annam Venkatesh, Advocate, Mr. S.K. Gandhi, Advocate, Ms. Manjula Gandhi, Advocate, Mr. Shiv Kumar Pandey, Advocate, Mr. Shivanshu Kumar, Advocate, Mr. Chandrashekhar A. Chakalabbi, Advocate, Mr. Himanshu, Advocate, Mr. Awanish Kumar, Advocate, Mr. Anshul Rai, Advocate, for M/S. Dharmaprabhas Law Associates, Advocate, Mr. Mayank Pandey, Advocate, Ms. Misha Rohatgi, Advocate, Mr. Pallav Mongia, Advocate
For the Respondent:Mr. Arvind Kumar Sharma, Advocate, Ms. Charu Ambwani, Advocate, Mr. Sajan Poovayya, Sr. Advocate, Mr. Amar Gupta, Advocate, Mr. Divyam Agarwal, Advocate, Mr. Daksh Ahluwalia, Advocate, Ms. Pallavi Kumar, Advocate, Mr. Adhiraj Gupta, Advocate, Mr. Pratibhanu Singh, Advocate, Mr. Shikhar Maniar, Advocate, Ms. Raksha Aggarwal, Advocate, Mr. Hirendranath, Advocate, Mr. Santanam Swaminadhan, Advocate, Ms. Prakruti Golechha, Advocate, Ms. Abhilasha Shrawat, Advocate, Mrs. Aarthi Rajan, Advocate, Mr. Keshav Mohan, Advocate, Mr. Prashant Kumar, Advocate, Mr. R.K Awasthi, Advocate, Mr. Piyush Vatsa, Advocate, Ms. Ritu Arora, Advocate, Mr. Santosh Kumar - I, Advocate, Mr. Rajesh P., Advocate, Mr. Manoranjan Sharma, Advocate, Mr. Prabhakar Tiwari, Advocate, Mr. Krishna Dev Jagarlamudi, Advocate, Respondent-in-person Mr. Vikram Hegde, Advocate, Mr. Rahul Kumar, Advocate

JUDGMENT

K.M. Joseph, J.

1. The petitioners have approached this Court under Article 32 of the Constitution of India. They call in question Sections 3, 4 and 10 of the Insolvency and Bankruptcy Code (Amendment) Act 2020 (hereinafter referred to as the impugned amendments, for short) . Section 3 of the impugned amendment, amends Section 7(1) of the Insolvency and Bankruptcy Code, 2016 (hereinafter referred to as the Code , for short) . Section 4 of the impugned amendment, incorporates an additional Explanation in Section 11 of the Code. Section 10 of the impugned amendment inserts Section 32A in the Code.

2. Section 7(1) of the Code before the amendment read as follows:

    "7. Initiation of corporate insolvency resolution process by financial creditor:

    (1) A financial creditor either by itself or jointly with other financial creditors, or any other person on behalf of the financial creditor, as may be notified by the Central Government, may file an application for initiating corporate insolvenc


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