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ARTICLE · 06 NOVEMBER 2018

Changes For Better Management Of Insolvency Resolution Process

S.S. Rana & Co.
S.S. Rana & Co.
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The best practices in business require the establishment faith of fulfilment of obligations by the transacting parties.

IndiaInsolvency/Bankruptcy/Re-Structuring
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The best practices in business require the establishment faith of fulfilment of obligations by the transacting parties. However, change in circumstances may often hinder the proper discharge of the duties undertaken by the parties. Situations such as insolvency and bankruptcy of one party not only obstruct the desired performance of the agreed promises but render the other party helpless for the losses it may suffer to that account.

Monitoring regime

The Insolvency and Bankruptcy Code, 2016 (hereinafter referred to as the "IBC") has been introduced with the aim of making availability the credit more transparent by maximizing value of the assets in a time-bound manner. It restores the faith in the judicial mechanism and prevents the unscrupulous debtors from escaping the repayment of their debts by taking recourse to insolvency.

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