Swiss Ribbons At The Bigger Picture
- IJLLR Journal
- Jul 21, 2023
- 1 min read
Bargavi S, B.B.A. LL.B. (Hons), SASTRA Deemed to be University, Thanjavur
Basic Details Related to the Case
Court Name: Supreme Court of India
Jurisdiction: Civil Original/ Appellate Jurisdiction
Bench/Coram: R.F. Nariman & Navin Sinha
Background of the Case
The main object behind the enactment of IBC is to consolidate at one place the laws related to insolvency and resolution. The main motto of the Code is to maximize the value of the corporate debtor's assets and to keep the business of the corporate debtor a going concern. Being a new-born law related to insolvency, the provisions are undergoing various amendments as and when necessary. Various petitions were filed before the Apex Court challenging the constitutional validity of certain provisions of the Insolvency and Bankruptcy Code, 2016. The petitioner, Swiss Ribbons Pvt. Ltd., in this case, is a manufacturer of a wide range of ribbons, Trimmings, and laces. The Court has decided to hear and dispose of all the cases pending before it regarding the constitutional validity of IBC, and This Case Analysis aims at discussing in detail the constitutional challenges posed against the various provisions of the Insolvency and Bankruptcy Code in the case along with the cogent argument of various leading counsels and rationale behind it. Finally, the author concluded it by giving a critical analysis of the judgement.
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