Insolvency and Bankruptcy Code Key Economic Reforms for India

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Publication Information

Journal Title: Asian Journal of Multidisciplinary Research & Review
Author(s): Dr. Samit Kumar Maity Datta
Published On: 26/06/2023
Volume: 4
Issue: 3
First Page: 42
Last Page: 60
ISSN: 2582-8088
Publisher: The Law Brigade Publisher

Cite this Article

Dr. Samit Kumar Maity Datta, Insolvency and Bankruptcy Code Key Economic Reforms for India, Volume 4 Issue 3, Asian Journal of Multidisciplinary Research & Review, 42-60, Published on 26/06/2023, Available at https://ajmrr.thelawbrigade.com/article/insolvency-and-bankruptcy-code-key-economic-reforms-for-india/

Abstract

The Insolvency and Bankruptcy Code (IBC) 2016 is regarded as India’s most significant structural legislation reform. By reducing the amount of non-performing assets and raising the ease of doing business rankings, it is creating a strong Indian economy. To offer a single, cohesive, and essential platform for the revival and/or liquidation of corporate and non-corporate organizations as well as sole proprietorships, the Code aims to integrate multiple legislations on the subject. To safeguard the interests of not only creditors but also those of employees, workers, and other parties involved, the main and significant policy and procedural changes envisioned in the Code aim to recover the movable and immovable assets involved in distressed organizations promptly. Due to factors like smaller resolution times, which reduce the risk of losing investments, and flexible exit policies, the IBC has attracted investors from abroad. Even when a company becomes insolvent, the IBC works to maximize asset value realization. It has given the Indian economy a fresh look on the international stage. The paper evaluates the effects of restructuring under IBC on the Indian economy and describes IBC as a key tool in the development of the Indian economy. The study also found that IBC could have a beneficial effect; however, it still has to be endowed with the ability to be enforced and needs to be complemented by an effective auxiliary system. Since IBC has only been in place for six years, its long-term effects will also depend on how well the legislature and courts carry out their respective responsibilities.

Keywords: Board for Industrial and Financial Reconstruction (BIFR), Debt Recovery Tribunal (DRT), Bankruptcy Legislative Reforms Committee (BLRC), Corporate Debtors (CD), Resolution Professional (RP), Committee of Creditors (COC), National Company Law Tribunal (NCLT).

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Dr. Samit Kumar Maity Datta

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