The Insolvency and Bankruptcy Code, 2016 (Code) was conceived as a path-breaking legislation to consolidate and amend the laws relating to reorganisation and insolvency resolution of corporate persons, partnership firms and individuals, in a time bound manner. The avowed objective was also to secure maximization of the value of assets of such persons, to promote entrepreneurship and balance the interest of all the stakeholders. The Legislative intent was to improve ease of doing business and to facilitate more investments, leading to a higher economic growth and development.
The Supreme Court of India in a recent judgment in Innovative Industries Vs. ICICI Bank (2018) 1 SCC 407, authored by Honble Justice R.F. Nariman, has exhaustively de…
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