Swiss Ribbons Pvt. Ltd. vs Union Of India on 25 January, 2019
9. This brings us to the contention of the Appellant that it is a well settled
proposition of law as laid down in Swiss Ribbons (P) Ltd Vs Union of India
(2019) 4 SCC17 that IBC is first and foremost a code for reorganisation and
Page 6 of 14
Company Appeal (AT) (Insolvency) No. 1423 of 2024
insolvency resolution of Corporate Debtor and liquidation should be the last
resort. It has also been the contention of the Appellant that judicial review of
the decision of the CoC to proceed with liquidation is not precluded since any
such decision of the CoC has to be in conformity with the provisions of IBC as
has been held by this Tribunal in Hero Fincorp Ltd. v/s M/s Hema
Automotive Pvt. Ltd. in CA(AT)(Ins) No. 1540 of 2022. In other words, it
depends on the facts of each case as to whether the decision to liquidate the
Corporate Debtor was in accordance with the IBC or not.