Court Upholds Constitutionality of Section 7 in Insolvency and Bankruptcy Code; Dismisses Claims of Discrimination Against Debtors.

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....Constitutional validity of section 7 of IBC - the contention that Section 7 is a draconian provision loaded against the corporate debtor, cannot be countenanced. Therefore, the challenge against constitutional validity of section 7 of IBC on the ground that the provision is arbitrary and discriminatory, is liable to be rejected. - HC....