The Insolvency and Bankruptcy Code, 2015, provides a consolidated statutory framework for the resolution of bankruptcy and insolvency proceedings. This framework is a far cry from the multiple legislative and judicial forums that creditors had to navigate under the existing framework and looks to enhance the ease of doing business in India.
The code has introduced the corporate insolvency resolution process (CIRP) and the insolvency resolution process for time-bound insolvency resolution of companies and individuals, respectively. These processes will be completed within 180 days. If insolvency cannot be resolved, the assets of the borrowers may be sold to repay creditors.
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The business law digest is compiled by Nishith Desai Associates (NDA). NDA is a research-based international law firm with offices in Mumbai, New Delhi, Bangalore, Singapore, Silicon Valley and Munich. It specializes in strategic legal, regulatory and tax advice coupled with industry expertise in an integrated manner.
