Brief Facts of the case
The content of this judgement is written by Agresh. He is a content writing Intern at Legal Thirst
Swiss Ribbons Pvt limited vs. UOI –
Brief Facts of the case:
In this case, the Honourable Supreme Court, Upheld the Constitutional validity of the Insolvency and the Bankruptcy code 2016, and also looked for the economical aspects behind this. In this Honourable Supreme Court has recreated the Opinion on the constitutional validity of the Section 12A of the Insolvency and Bankruptcy Code 2016, Ensuring that the central idea of Maximization of Value of assets of corporate debtors does not get lost in hurdles of procedures. Also, this will lead to no confusion . Honourable Supreme Court also upheld the validity of Section 29A of Insolvency and Bankruptcy Code 2016, which ensures that the person responsible for running the company into insolvency will not regain the control of the company without just paying off the debts. Also, Supreme Court ensured the proper Infrastructure for smooth functioning of Code also to setup NCLAT circuit benches within a period of 6 months from the date
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