Babulal Vardharji Gurjar Vs Veer Gurjar Aluminium Industries Pvt. Ltd. & anr. (Supreme Court)
While setting aside the Order dated 14th May, 2019 of the NCLAT in Company Appeal (AT) Insolvency No. 549 of 2018 and Order dated 9th August, 2018 of the National Company Law Tribunal, Mumbai Bench in CP(IB)-488/I&BP/MB/2018, on the ground that the application filed under Section 7 of the Code is barred by limitation, the Hon’ble Supreme Court made the following observations:
| Sl. No. | Issue / Theme | Ruling | Para / Page No. |
| 1. | Objectives of the Code
i. Code vis a vis CD ii. Purpose of CIRP of CD iii. Trigger of CIRP iv. Satisfaction of AA as to occurrence of ‘default’ before admitting v. Legislative policy of IBC |
a. The Code came to be enacted to consolidate and amend the laws relating to reorganisation and insolvency resolution of corporate persons, other entrepreneurs and even of partnership firms and individuals in a time bound manner; the objectives, inter alia, being maximisation of value of assets of such persons and to balance the interest of all the stakeholders.
b. As regards CD, the primary focus of the Code is to ensure its revival and continuation by protecting it from its own management and, as far as feasible, to save it from liquidation. Paid content
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