Insolvency and Bankruptcy Code enmeshed in legal action

The law laid down by the SC in a plethora of cases is that policy issues of the govt are not justiceable. The precedent laid down by the SC also cannot be violated by the apex court itself

A dawn of a new era. That is how the Insolvency and Bankruptcy Code recently enacted and worked up was described in news media and even by economists and analysts. Now after a group of power asset companies went to the Supreme Court and has obtained time for no action till November 11, 2018, it is clear that the apex court has treated the issue of the Reserve Bank of India’s (RBI’s) policy initiative on realising dues from non-performing assets (NPA) as justiceable. Some analysts have pointed out the effect of this policy being enmeshed into litigation. The facts argued