Swiss Ribbons Pvt. Ltd. v. Union of India
[2019] 3 SCR 535 · Supreme Court of India · Decision date: 2019-01-25
Key issue
Do creditor classification, withdrawal rules, resolution-applicant disqualifications and distribution priorities violate constitutional equality?
Facts
Petitioners challenged features of the Insolvency and Bankruptcy Code, including different treatment of financial and operational creditors. Case number: W.P. (C) 99/2018 and connected matters
Holding
The challenged framework survived constitutional scrutiny, including the creditor distinction and provisions concerning withdrawal, eligibility and distribution. Financial and operational creditors differ in ways relevant to restructuring. Revival and continued operation, rather than mere recovery, inform the Code. Economic legislation receives latitude, subject to constitutional review. Petitions were disposed of with interpretations and institutional directions. The resolution professional was characterised as administrative rather than adjudicatory. Single judgment by Nariman; no dissent recorded. Provisions considered at judgment date: Constitution: Article 14; IBC 2016: sections 7, 12A, 21, 29A and 53.
Pinpoints
PDF p. 110 — Resolution professional as facilitator; PDF p. 148 — Constitutional conclusions; PDF p. 150 — Disposition and signatures. PDF page numbers are 1-based and may differ from printed reporter pages.
Verification status
Source checked
Source note
Original TLG research note based on the linked official judgment, not an official court summary. Source identity and selected holding passages checked on 4 November 2026.
Current treatment
This entry records the 2019 statutory setting. Subsequent IBC amendments and decisions require checking for any present transaction; an exhaustive current-law update has not been completed. Historical case note; exhaustive subsequent treatment and current statutory application have not been checked.