11-02-2021 | 12:50 PM
Section 32A of Insolvency and Bankruptcy Code
• The Supreme Court recently upheld the validity of Section 32 A of the Insolvency and Bankruptcy Code.
• The SC said that it is important for IBC to attract bidders who will offer a fair value for the corporate debtor. This is essential to ensure timely completion of the corporate insolvency resolution process.
Section 32A of IBC
• Under the section the corporate debtor who has committed an offence prior to the commencement of the insolvency resolution process will not be prosecuted.
• The Section 32A provides immunity to the corporate debtor and its property.
