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The Supreme Court today, in the case of ,Insolvency and Bankruptcy Board of India v. Lalit Kumar Jain & Ors ordered to transfer to itself a batch of petitions pending across all high courts, challenging Insolvency and Bankruptcy Code (IBC) provisions relating to the issue of insolvency of personal guarantors. The Bench comprised of Justices L Nageswara Rao, Hemant Gupta and Ajay Rastogi, who heard the issue and reserved the above mentioned order.
The Insolvency and Bankruptcy Board of India (IBBI) filed the aforesaid petition to seek transfer on the ground of multiplicity of proceedings of the matters pending before the High Courts so as to avoid conflicting rulings by different Courts. Solicitor General Tushar Mehta, representing State Bank of India, also submitted that the questions of law under consideration in the various writ petitions were of national importance and that the Apex Court would be an appropriate authority to decide upon the same.