By: Tariq Khan & Byron Sequeira 29 April 2019 12:04 PM GMT To borrow the golden words of Justice Rohinton F. Nariman in Swiss Ribbons Pvt. Ltd. & Anr. vs. Union Of India WP(Civil) No. 99 of 2018 whereby upholding the Constitutional validity of the Insolvency and Bankruptcy Code, 2016 ("IBC") it was held as under: "85. The Insolvency Code is legislation which deals with economic matters and, in the larger sense, deals with the economy of the country as a whole. Earlier experiments, as we have seen, in terms of legislations having failed, 'trial' having led to repeated 'errors', ultimately led to the enactment of the Code. The experiment contained in the Code, judged by the generality of its provisions and not by so-called crudities and inequities that have been pointed out by the petitioners, passes constitutional muster. To stay experimentation in things economic is a grave responsibility, and denial of the right to experiment is fraught with serious … [Read more...] about 40 Important Judgments On Insolvency And Bankruptcy Code, 2016 [Part-1]
Icici investment management company limited
By: mukesh chand 21 March 2019 12:56 PM GMT “Our reputation is at stake because of this case ………..“, Chairperson Justice S J Mukhopadhaya of the NCLAT during hearing of appeals against the approval of Arcelor Mittal’s resolution plan by NCLT Ahmedabad in Essar Steel case. The words speak for itself. It shows anguish and anxiety about the manner the case has moved through various stages and how defaulters with all means at their disposal to clear dues of the Banks have tried to take the system and the law for a ride. In spite of a very clear and strong judgment by the Supreme Court, the case has proceeded at snail speed so much so that NCLAT had to intervene and set a deadline for order on resolution plan accepted by CoC. The saga of Essar is well summarised by the following quotes from famous book of Jim Collins – How The Mighty Fall. "When those in power begin to imperil the enterprise by taking outsize risks and acting in a … [Read more...] about Where Are We Heading For In Implementation Of IBC ?