Disputes By Corporate Debtor Under Insolvency Resolution

The Insolvency and Bankruptcy Code, 2016 (IBC) was passed by the Parliament on 11th May 2016, received Presidential assent on 28th May 2016 and was notified in the official gazette on the same day. It is one of the most comprehensive futuristic consolidated pieces of legislation introduced by the Government lately aimed at covering the single comprehensive bankruptcy and insolvency law for all legal entities and natural person. Few sections of the Code along with the process of Corporate Insolvency Resolution Process have also been notified. However the next big challenge for the Legislatures along with the adjudicating authority is to have the correct execution of the Code so that the main objective of implementing timely corrective measures is not defeated and the Code achieves its far meant objectives. Among other things the Code replaced in all existing laws related to bankruptcy resolution, the Code has significantly altered the options available to the Creditors