In India, the Insolvency and Bankruptcy Code, 2016 is one matured step towards settling the legal position with respect to financial failures and insolvency. To provide easy exit with a painless mechanism in cases of insolvency of individuals as well as companies, the code has significant value for all stakeholders including various Government Regulators. Introduction of this Code has done away with overlapping provisions contained in various laws.
IBC has done remarkable work in short span of four 4 years however half of cases submitted under this code, are still in resolution process. Deliberations and efforts are going on to make this code more effective to handle Post-Pandemic pressure of bad loans which have been predicted by many reputed rating agencies and RBI.
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