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Imperfect ruling on constitutionality of IBC

The repeated insistence on liquidation as a "last resort" reinforces the notion that liquidation is a bad outcome

Topics
Insolvency And Bankruptcy Code  |  Ibc  |  Supreme Court

Varun Marwah & Bhargavi Zaveri 

Varun Marwah & Bhargavi Zaveri

On January 25, 2019, the Supreme Court upheld the constitutionality of the Insolvency and Bankruptcy Code, 2016 (Code henceforth), in its entirety. The scheme of the Code, as a whole, was challenged on the ground that it violated Article 14 of the Constitution.

The main argument was that the Code unfairly discriminated between operational and financial creditors. While the court’s judgment brings respite to the financial sector, we argue that the judgment is partly inconsistent with the legislative intent underlying the Code, and may end up diluting the Code’s ...

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First Published: Fri, March 01 2019. 00:33 IST
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