Insolvency and Bankruptcy Code, 2016
- The Insolvency and Bankruptcy Code, 2016 (IBC) passed by the Parliament on 11 May 2016, received Presidential assent on 28 May 2016 and was notified in the official gazette on the same day.
Reasons for Introduction
It was introduced for two mains reasons:
- To consolidate and de-fragment the insolvency and bankruptcy laws of the country.
- To provide a fast way to resolve the issues of company insolvency.
Key Aspects of the Insolvency and Bankruptcy Code
- IBC proposes a paradigm shiftfrom the existing ‘Debtor in possession’ to a ‘Creditor in control’ regime.
- IBC aims at consolidating all existing insolvency related laws as well ....
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