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IBC CODE, 2016 PASSES CONSTITUTIONAL MUSTER

Mar 3, 2021

“The defaulter’s paradise is lost. In its place, the economy’s rightful position has been regained”, WP(C)99/2018(SC)

Swiss Ribbons pvt Ltd & Anr.
UOI & Others

Questions to be decided:

1. Classification between financial and operational creditor discriminatory, arbitrary and violative of Art-14 of CoI ?
2. Sections 21 and 24 (Operational creditors have no vote in the committee of creditors) violative of Article 14?
3. Section 12A (withdrawal of insolvency application) is violative of Article 14 ?
4. Constitutional validity of section 29A ?
5. Section 53 (Operational creditors ranked below all other creditors, including other unsecured creditors who happen to be financial creditors) violate Article 14 ?

IBC-Code-2016-Passes-Constitutional-Muster