INTERPRETATION AND FACILITATION OF PROCESSES UNDER INSOLVENCY AND BANKCRUPTCY CODE, 2016

AUTHOR – ISHMEET SINGH BHATIA, STUDENT AT VIVEKANANDA INSTITUTE OF PROFESSIONAL STUDIES, PITAMPURA, GURU GOBIND SINGH INDRAPRASHTHA UNIVERSITY

BEST CITATION – ISHMEET SINGH BHATIA, INTERPRETATION AND FACILITATION OF PROCESSES UNDER INSOLVENCY AND BANKCRUPTCY CODE, 2016, INDIAN JOURNAL OF LEGAL REVIEW (IJLR), 4 (2) OF 2024, PG. 568-578, APIS – 3920 – 0001 & ISSN – 2583-2344.

ABSTRACT

The Insolvency and Insolvency Code (IBC), 2016, was ordered to improve on existing regulations and empower an effective component for recuperating duty. The Code presents a smoothed out institutional structure and a two-step process for corporate bankruptcy. This paper gives an outline of the IBC, its application, institutional design, includes, and nitty gritty experiences into the bankruptcy resolution process. The Code consolidates and amends the laws relating to reorganization and insolvency resolution of corporate persons, partnership firms and individuals in a time bound manner for maximization of value of assets of such persons, to promote entrepreneurship, availability of credit and balance the interests of all the stakeholders.