SALIENT FEATURES OF INSOLVENCY & BANKRUPTCY CODE
The Insolvency & Bankruptcy code was passed by the Parliament to Overhaul the existing framework dealing with Insolvency of Corporates, individuals, partnerships and other entities. It paves way for much needed reforms while focussing on creditor driven insolvency resolution.
• Multiple overlapping laws and adjudicating forums were dealing with financial failures and
insolvency of companies and individuals in India.
• Hence, timely recovery or restructuring of debts and defaulted assets were hampered by the existing legal framework which had its impact on the Indian Credit System.
• In order to revamp the business environment and to alleviate distressed credit markets, the Insolvency & Bankruptcy bill was introduced with reforms in bankruptcy and insolvency regime.
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