The Insolvency and Bankruptcy Code: A Brief Review

  • Sanad Ziad Yousef AlRawashdeh

Abstract

The Insolvency and Bankruptcy Code, 2016”, has three elements which are basically meant to deal with the problems that affected the bankruptcy regime in India. The Code intends to save the industry from deterioration by way of either reviving the company in question or faster liquidation of the same. Thus the code reduced the timeline for recovery/ resolution from decades to a few years at the most. The Code aims at giving the power to the creditor in case of default by the debtor. It is exactly the opposite of the earlier acts and laws which will definitely bring a wave of positivity among the individuals and corporates. The paper focuses on the need for changes and highlights of the new code.

References

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https://www.business-standard.com/article/companies/ibc-resolutions-exceed-new-time-limit-of-330- days-prescribed-by-govt-119102800661_1.html
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Ibid
https://www.businesstoday.in/latest/trends/breaking-down-bankruptcy-what-are-the-steps- involved/story/271770.html
PRS | Bill Track | The Insolvency and Bankruptcy Code (Amendment) Bill, 2017". www.prsindia.org. Retrieved 20 February 2018.
IBC changes: Want to drag realtor to NCLT? Draw in 99 homebuyers". Financial Express.
Govt clears more amendments to Insolvency code; to ring fence successful bidders from risks".
www.ibbi.gov.in/uploads/legalframwork/48bf32150f5d6b30477b74f652964edc.pdf.
https://ibbi.gov.in//uploads/legalframwork/d36301a7973451881e00492419012542.pdf.
Published
2021-09-01
How to Cite
ALRAWASHDEH, Sanad Ziad Yousef. The Insolvency and Bankruptcy Code: A Brief Review. Asian Journal of Law and Governance, [S.l.], v. 3, n. 3, p. 15-18, sep. 2021. ISSN 2710-5849. Available at: <https://myjms.mohe.gov.my/index.php/ajlg/article/view/15063>. Date accessed: 16 oct. 2021.
Section
Articles