Breaking: Supreme Court upholds Insolvency and Bankruptcy Code "in its entirety"

Murali Krishnan January 25 2019

In a very significant judgment, the Supreme Court has today upheld the validity of Insolvency and Bankruptcy Code "in its entirety". [Swiss Ribbons Private Limited. & Anr. v. Union of India and others]

However, the Court read down Section 29A holding that the "related party" should be connected to the business organisation/ defaulting company for there to be a bar on submission of resolution plan.

The judgment was delivered by a Bench of Justices Rohinton Nariman and Navin Sinha

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