A GLIMPSE ON INSOLVENCY AND BANKRUPTCY CODE: 2016

Abstract

The Code was enacted in 2016 following a series of recommendations to revamp India’s insolvency framework. It was hoped that it would provide a consolidated insolvency framework that would give certainty of process, time and outcome to creditors, borrowers and other market participants. In the three years since its enactment, the Code has largely lived up to this promise. The National Company Law Tribunals, the National Company Law Appellate Tribunal, the High Courts and the Supreme Court have adjudicated upon matters under the Code with unprecedented speed, and have provided certainty on interpretation of key concepts under it. The Insolvency and Bankruptcy Board of India and the Government of India have also been extremely responsive in making legislative amendments to ensure that the Code is implemented in its right spirit. These developments have enriched the jurisprudence and practice of insolvency in the country