(1.) By way of this writ petition under Article 32 of the Constitution of India, filed by the writ petitioner - Moser Baer Karamchari Union have prayed for an appropriate writ, direction or order striking down Sec. 327(7) of the Companies Act, 2013 (hereinafter referred to as "Act, 2013 ") as arbitrary and violative of Article 21 of the Constitution of India.
(2.) Shri K.V. Viswanathan, learned Senior Advocate has appeared as Amicus Curiae. Shri Gopal Sankaranarayanan, learned Senior Advocate, has appeared on behalf of the petitioner(s). Shri Balbir Singh, learned ASG has appeared on behalf of the respondentUnion of India.
(3.) Shri K.V. Viswanathan, learned Senior Advocate has first of all taken us to the legislative history of the Companies Act and the Preferential Payments and also the framing of the Insolvency and Bankruptcy Code.