PRADEEP AGGARWAL Vs. UNION OF INDIA

JUDGEMENT

(1.) The present writ petition has been filed for the following reliefs:-

(2.) The brief facts necessary for the adjudication of the case are that the Financial Creditor and State Bank of India has moved an application under Section 7 of the Insolvency and Bankruptcy Code, 2016 (hereinafter to be referred as 'the Code', for brevity sake) with a prayer to trigger the Corporate Insolvency Resolution Process in the matter of Asian Colour Coated Ispat Limited. The National Company Law Tribunal, New Delhi, passed the order on 20.7.2018, which led to the appointment of the Resolution Professionals. The Resolution Professionals have taken over the Management of the Company. The Insolvency and Bankruptcy Code being the complete Code resolution plans were invited. JSW Steel Coated Products Limited also participated and submitted its resolution plan. The final resolution plan tendered by JSW Steel was accepted on 17.6.2019. Various stakeholders have filed their objections against the resolution plans submitted by JSW Steel. The petitioner, being the guarantor, also filed the objections against the resolution plan.

(3.) The petitioner has laid challenge to the vires to Section 31 of the Code. Section 31 reads as under:-