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Illustration: Binay Sinha
An April 4 judgment of the Bombay High Court struck down a number of clauses of a circular issued by the Insolvency and Bankruptcy Board of India (IBBI) on the grounds that these clauses prescribed legal standards that went beyond the rules governing the liquidation process. However, it noted that it would indeed be feasible for the IBBI, in its legislative wisdom, to propose the contents of those same clauses as an amendment to the regulations, following the due process of rulemaking.
An order dated April 10, 2024, of the Karnataka High Court quashed a central government circular in which a
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First print: May 27, 2024 | 9:44 PM IST