The constitutional validity of various provisions of the Insolvency and Bankruptcy Code, 2016 (IBC) – Landmark judgment of Supreme Court in Swiss Ribbons Pvt. Ltd. & Anr. Vs. Union of India & Ors.

This judgment contains: A. Interpretation of the Preamble of the Code. B. Insolvency Proceeding is a collective proceeding in rem. C. Differentiate between “claim”, “debt” and “default”. D. Definition of “Financial Debt” vs. “Operational Debt”. E. Intelligible differentia between Financial and Operational Creditors. F. Determination of default/ Record of Default under Section 7 of IBC. G. Evidence provided by Information Utilities: Only Prima Facie evidence of default. H. Set-off and Counterclaim. I. Role of CoC and Resolution Plan. J. Sections 21 and 24 of IBC and Article 14: Operational Creditors have no vote in the CoC. K. Resolution Professional has no Adjudicatory Powers vs. Liquidator decision is quasi-judicial in nature. L. Interpretation of Section 12A of IBC. M. Constitutional Validity of Section 29A of IBC. N. Section 53 of the Code does not violate Article 14. O. Constitution of NCLT & NCLAT.

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