INSOLVENCY & BANKRUPTCY CODE 2016 - ANALYSIS OF AN UNIQUE & SPEEDY LEGAL PROCESS TO RESTRUCT SICK OR INSOLVENT COMPANIES IN INDIA

Law

It plays the role of all insolvency resolution professionals, insolvency professional agencies and a governing body for information consumption. According to the Insolvency and Bankruptcy Code [1], 2016, it enforces the rules to resolve Corporate Insolvency, Corporate Liquidation, Individual Insolvency and Individual Bankruptcy. It helps in implementing the provisions of IBC and works to amend any law as per existing. Challenges it serves to resolve any insolvency for corporate, individuals and partnership firms in a timely manner to maximize the value of the insolvent unit and to refund the amount due to creditors. The Government introduced a Code to strengthen already existing laws and to provide a single legal framework for cases related to insolvency and bankruptcy. In May 2016, the Indian Parliament implemented the IB Code 2016, which went into effect in December 2016. The IB Code 20161 included the insolvency resolution process as well as the liquidation process for individuals and debtors corporate.

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