The National Company Law Tribunal cannot assume the power to declare any provision of the Insolvency and Bankruptcy Code, 2016 as illegal or ultra vires

The Hon’ble Delhi High Court has held that the National Company Law Tribunal cannot assume to itself the power of declaring any provision of the Insolvency and Bankruptcy Code, 2016 or the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 as illegal or ultra vires.

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