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Jignesh Shah vs. Union of India

Updated: Sep 11, 2023

Authored by : Rutuja Bhor*

Citation: AIR 2019 SC WPC 455/2019, IA 68990/2019

Bench: Hon’ble Justice R. F. Nariman, Hon’ble Justice R. Subhash Reddy, Hon’ble Justice Surya Kant.


Title:

Jignesh Shah and Anr.                                  … Petitioner (s)
                                         Versus
Union of India                                         … Respondent(s)

Jurisdiction: Supreme Court of India, Writ Petition (Civil) No (s). 455 of 2019


Laws:

Section 433(e) of the Companies Act of 1956 Section 7 of the Companies Act of 1956 Article 137 of the Limitation Act Section 433 of the Companies Act, 1956 Insolvency and Bankruptcy Code, 2016 Section 238A Insolvency and Bankruptcy Code, 2016 Section 434 of the Companies Act, 1956


Introduction:

India is a fast-developing economy, to sustain such growth a healthy cash flow is required. This cash flow is brought in by businesses and companies. But when a company or business begins to default on its loans, it is referred to as becoming insolvent. This causes credit to become trapped in the system or to convert into bad loans. It is crucial that creditors and banks are able to recover as much as possible from the defaulter in order to prevent this. Therefore, a number of regulations were enacted to allow credit to enter the system and to minimize the depreciation of assets' value.


Publication date and year: September, 2023


D.O.I Link: https://doi.org/10.59126/v2i4a9


9. Jignesh vs. UOI
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Preferred Citation: Rutuja Bhor, Jignesh Shah vs. Union of India , Vol. II-IV, pg 69-76 (2023).

* 1st Year LL.B. student at I.L.S Law College, Pune; available at: rujutabh2014@mail.com.

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