Plea In SC Challenges Provisions Of IBC Ordinance 2019 Imposing Conditions On Homebuyers' Right [Read Petition]

A writ petition has been filed in Supreme Court challenging Section 3 of the Insolvency and Bankruptcy Code (Amendment) Ordinance, 2019 (Ordinance). The said provision, which adds certain provisos to Section 7 of the Insolvency and Bankruptcy Code (IBC) and purports to set out new conditions for real estate allottees to approach the NCLT, is alleged to be ultra vires the Constitution of India...