The Supreme Court has decided to hear the petitions challenging the provisions of the Insolvency Act pending before different High Courts of the country. A bench of Justices L Nageswara Rao, Justice Hemant Gupta, and Justice Ajay Rastogi transferred the petitions challenging the provisions of the Insolvency and Bankruptcy Code, 2016 from the High Courts.
Along with this, all the High Courts have also been instructed not to accept any new petition on this issue. The bench also said that all the interim orders passed by the High Court will continue till the next order. The bench will hear these petitions on December 2.