Abstract:The Insolvency and Bankruptcy Code, 2016 (IBC) was 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. The Co...The Insolvency and Bankruptcy Code, 2016 (IBC) was 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. The Code is based upon the recommendations of the Bankruptcy Law Reform Committee to provide for a single Code to resolve insolvency for all companies, limited liability partnerships, partnership firms and individuals.
With the advent of the Code, lenders (like banks, financial institutions, service providers) have started filing insolvency applications to recover dues from corporate borrowers. The Code being in the early stages of development is going through the judicial rigours of interpretation and evolving through precedents and amendments.
The Note herewith captures the main features of the Code with a gist on some important case laws.Read More
Publication Year: 2017
Publication Date: 2017-07-07
Language: en
Type: article
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