# India

Setback for operational creditors as SC upholds insolvency code

The verdict upheld the Section 29A of the Code that bars promoters of a company facing insolvency proceedings from bidding to regain its control.

IANS | New Delhi | January 25, 2019 1:26 pm

Setback for operational creditors as SC upholds insolvency code

The Supreme Court on Friday upheld the Insolvency and Bankruptcy Code 2016 (IBC) in its entirety and constitutional validity, causing a setback to operational creditors who include suppliers, customers and contractors.

A bench headed by Justice Rohinton F Nariman refused the pleas to give operational creditors’ parity with financial creditors while deciding a batch of petitions challenging the IBC.

The operational creditors wanted to be treated at par with secured creditors like banks and financial institutions who have the first claim over the money coming through the proceedings under the insolvency law.

The verdict upheld the Section 29A of the Insolvency Code that bars promoters of a company facing insolvency proceedings from bidding to regain its control.

# India

Will knock the door of SC if rights of Himachal Pradesh not given by the Centre: CM

Chief Minister Sukhwinder Singh Sukhu has said that he will meet the Union Ministers to release the aid to Himachal under the Post Disaster Need Assessment (PDNA).

# Cities

SC directs NCR states to constitute teams to enforce GRAP measures

The Supreme Court on Thursday directed the states falling in the National Capital Region to constitute teams of officials from police and revenue departments to ensure strict enforcing of the measures under Stage 4 of the Graded Response Action Plan (GRAP) to combat and curb air-pollution in the national capital.

# India

Thrissur Pooram: SC tells organisers to adhere to 2012 Kerala Captive Elephants Rules

Terming the restrictions as “impractical”, the Supreme Court on Thursday put on hold the Kerala High Court's order on the use of elephants and observing distances between them, the public, flambeau, and the percussion display during festival parades, including the ‘Thrissur Pooram”.