Insolvency And Bankruptcy Code 2015: Well Worth The Wait

Introduction

No single umbrella legislation governs insolvency and bankruptcy proceedings in India. Instead, there is a slew of legislation governing the legal framework, including:

• the Companies Act 2013;
• the Sick Industrial Companies (Special Provisions) Act 1985;
• the Recovery of Debts Due to Banks and Financial Institutions Act 1993;
• the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act 2002;
• the Presidency Towns Insolvency Act 1909;
• the Provincial Insolvency Act 1920; and
• forums such as the Debts Recovery Tribunal, the company courts and the National Company Law Tribunal (this tribunal is proposed by the Companies Act and not yet in force).