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ARTICLE · 05 OCTOBER 2017

Effective Enforcement Of The Insolvency And Bankruptcy Code, 2016

S.S. Rana & Co.
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The objective of the Insolvency and Bankruptcy Code, 2016 (hereinafter referred to as the 'Code') is multi-faceted.

IndiaInsolvency/Bankruptcy/Re-Structuring
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S.S. Rana & Co. Advocates
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The objective of the Insolvency and Bankruptcy Code, 2016 (hereinafter referred to as the 'Code') is multi-faceted. Not only does it seek to promote entrepreneurship, by making availability of credit more transparent, but it also balances the interests of all stakeholders by consolidating and amending the laws relating to reorganization and insolvency resolution of corporate persons, partnership firms and individuals, in a time bound manner and for maximization of the value assets of such persons and other related matters.

The former framework of insolvency and bankruptcy provisions were inadequate, ineffective and resulted in undue delays in resolution, which is why the present Code was brought into effect. One of the primary objectives of the Code is to bring the insolvency law in India under a single unified umbrella with the intention of speeding up the insolvency process.

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