DISENTANGLING SWISS RIBBONS
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Abstract
The decision in Swiss Ribbons Pvt. Ltd. & Anr. v. Union of India & Ors. proved to script history as the Supreme Court upheld the constitutional validity of the Insolvency and Bankruptcy Code, 2016 (hereinafter referred to as “IBC or “Code”). The effective coalescence of the Constitution and corporate laws vindicated the ruling of the Apex Court. A delicate balance between the importance of a healthy economic regime and Constitutional principles underscored the decision.
While sidestepping doctrinal arguments made on the groundwork of inequality, the Court extended a wide and amorphous latitude to bolster the economic interests. By doing so, the Court created a bulwark of the exposition of corporate and commercial laws.
In making a verdict on the constitutionality of the IBC, the Court sanitised the legal position by maintaining the decision on sound rationale and principles of non-arbitrariness. The precedent sets forth the tune and framework for the diversity of IBC decisions to arrive. The Comment goes on to discuss the scope and interpretational principles of this case.
Recovery of loans and maximisation of value of assets along with promotion of entrepreneurship are the indispensable conditions of a thriving economy. Faced with this proliferating issue, the Legislature enacted the Insolvency and Bankruptcy Code, 2016. While the Code is a panoptic and self-encompassing law, it has been riddled with challenges to various provisions contained in it for the purposes of directions and clarifications thereto.
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