From an economic perspective, the Insolvency and Bankruptcy Code institution, 2016, had been a significant amelioration in our country’s economic system. It has enhanced the global economic image of India. India is a foremost part of the global economy, so India needed to compete with other emerging nations and large economies. We had distinctive overlapping laws concerning Insolvency, which was not adequate to settle down corporate and individual debt. Another imperative purpose of establishing this code was to attract foreign nations to invest in India. India aimed to be at par with these foreign nations who play a vital role in the global economy.
The author in this article focuses on the Voluntary Liquidation of Corporate Persons and the procedure provided for it, under Companies Act, 2013 and Insolvency and Bankruptcy Code, 2016.
This case deals with the grant of the temporary injunction and also talks about the powers of the court to impose such terms and conditions, which is in the nature of equitable relief. The court observed in this case that the phrases ‘prima facie cases,’ ‘balance of convenience’ and ‘irreparable loss’ are not rhetoric in nature.