CORPORATE RECOVERY AND RESTRUCTURING AS IMPACTED BY INSOLVENCY AND THE BANKRUPTCY LAW

AUTHOR – HARSHITA JOSHI, STUDENT AT AMITY UNIVERSITY, LUCKNOW

BEST CITATION – HARSHITA JOSHI, CORPORATE RECOVERY AND RESTRUCTURING AS IMPACTED BY INSOLVENCY AND THE BANKRUPTCY LAW, INDIAN JOURNAL OF LEGAL REVIEW (IJLR), 4 (2) OF 2024, PG. 283-291, APIS – 3920 – 0001 & ISSN – 2583-2344.

ABSTRACT.

The ruin and Bankruptcy Code (IBC), enforced in 2016, is a comprehensive law in India that consolidates and reforms the rules governing the reorganization and ruin resolution of commercial realities, cooperation hookups, and individualities in a timely manner. It seeks to maximize the value of means, encourage entrepreneurship, assure credit vacuity, and balance the interests of all stakeholders. Bankruptcy is a fiscal state in which an individual or company cannot pay off scores as they come due because of lack finances or means. Bankruptcy is a formal protestation of an existent’s incapability to repay debts, constantly following the failure of bankruptcy resolution styles. The IBC is significant because it provides an systematized and effective procedure for addressing bankruptcies that was preliminarily bestrew across several legislations. It aids in the speedy resolution of bankruptcy proceedings, accordingly reducing non-performing means (NPAs) and aiding in the early recovery of bad loans. Bankruptcy professionals, agencies, and information serviceability are among the businesses registered under the Insolvency and Bankruptcy Board of India (IBBI), which also monitors the bankruptcy procedures and regulates the IBC. Within the confines of the IBC, the IBBI is empowered to establish and apply regulations. The law is broken up into four sections primary Insolvency Resolution and Liquidation for Corporate Person Insolvency Resolution and Bankruptcy for individualities and Partnership enterprises Regulation of Insolvency Professionals, Agencies, and Information Utilities.