SC upholds validity of Insolvency and Bankruptcy Code in its entirety

The companies like Swiss Ribbons, Shivam Water Treaters, and Ganesh Prasad Pandey, an individual petitioner, had challenged various provisions of the IBC, such as Sections 7, 12 and 29

But, it was unlikely to have a bearing on Essar Steel, as the settlement proposal from the promoter family, Ruias, had been moved under Section 12A, which the SC upheld on Friday. "This judgment has not decided on the interpretation of 12A. So, Ruias' eligibility as on date is not affected," N G Khaitan, senior partner, Khaitan & Co, said. 

The order said if the committee of creditors arbitrarily rejects a just settlement and/or withdrawal claim, the NCLT and, thereafter, the NCLAT can always set aside such decision under Section 60 of the IBC. That could be another legal