Mukund Choudhary vs Union Of India - S 101 IBC - Outer Limit Moratorium - Constitutional Validity

Insolvency and Bankruptcy Code, 2016 - Section 101 -Writ petition challenging constitutional vires of Section 101 which fixes an outer limit of 180 days for operation of the moratorium - Dismissing WP, SC observed: This is a case of individual insolvency and not corporate insolvency. The object and purpose of the moratorium in the two situations, that is, corporate insolvency and individual insolvency, is entirely different. In a case of corporate insolvency, the Corporate Insolvency Resolution Process is to examine whether the corporate debtor can be rehabilitated and revived by taking recourse to resolution plans. The purpose of individual insolvency is different.