Articles

Insolvency and Bankruptcy Code – Settlement of Debts by Promoters After Liquidation Proceedings are...

In 2016, the Houses of Parliament passed the Insolvency and Bankruptcy Bill which changed the face of Insolvency Resolution Process for Corporates. This Act has resulted in the repeal of the Sick Industrial Companies Act and has put in place measures that make sure a quick and efficient resolution process to repay all the debts owed by a corporate debtor.

Impact of the Insolvency and Bankruptcy Code, 2016 on Various Facets

In 2016, the Houses of Parliament passed the Insolvency and Bankruptcy Bill which changed the face of Insolvency Resolution Process for Corporates. This Act has resulted in the repeal of the Sick Industrial Companies Act and has put in place measures that make sure a quick and efficient resolution process to repay all the debts owed by a corporate debtor.

The Synergy of IBC & Uncitral Model Law in Cross Border Insolvency

Cross-border insolvency is one where the insolvent debtor has assets in more than one State or where some creditors of the debtor are not from the State where the insolvency proceeding is taking place.

Banks and the Insolvency and Bankruptcy Code 2016

The Insolvency and Bankruptcy Code 2016 (hereafter referred as the Code) received the president’s assent on May 28.05.2016. The objective of the Act is to “to consolidate and amend laws relating to reorganization and insolvency of corporate persons, partnership firms and individuals in a time bound manner”. The Act also intends to promote availability of credit.