DILIP B JIWRAJKA Vs. UNION OF INDIA

JUDGEMENT

(1.) Applications for condonation of delay in refiling the writ petitions are allowed.

(2.) In a batch of three hundred and eighty four petitions under Article 32 of the Constitution, the petitioners challenge the constitutional validity of Ss. 95 to 100 of the Insolvency and Bankruptcy Code 2016[1]. The individual facts of each case are not reproduced here as we are deciding the constitutionality of the above provisions of the IBC.

(3.) The principle aims of the IBC are to promote investment, and resolution of insolvencies of corporate persons, firms, and individuals in a time bound manner. The IBC consolidated and amended a web of laws which had led to an ineffective and inefficient mechanism for resolution of insolvencies marked with significant delays.