Insolvency and Bankruptcy Code, 2016-Basics

 After a public consultation process and recommendations from a joint committee of Parliament, both houses of Parliament have now passed the Insolvency and Bankruptcy Code, 2016. Under the existing legal framework, the primary onus to initiate a resolution process lies with the debtor, and creditor may pursue separate actions for recovery, security enforcement and debt restructuring.  The Code also has provisions to address cross border insolvency through bilateral agreements and reciprocal arrangements with other countries.

 The laws have been made more stringent and the legislature has made an attempt to make the laws including the Code more dynamic.  


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