Court Rules Government Companies Aren't Equivalent to State Authorities Under Insolvency and Bankruptcy Code Provisions.

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....Constitutional validity of some of the provisions of the IBC - Government companies to be equated with State or not - It is not an arm of the State. It is usually performing a commercial or/and business functions. A Government Company cannot be equated with a State authority, like National Highway Authority of India (NHAI), which is performing statutory functions or like other Departments, like Postal, Telegraph or the Railways or Public Works Department. - HC....