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ARTICLE · 10 DECEMBER 2019

Insolvency And Bankruptcy Code, 2016

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The Cabinet ministers of the Indian Government on 17 July 2019 said it would again amend the Insolvency and Bankruptcy Code, 2016.

IndiaInsolvency/Bankruptcy/Re-Structuring
Hemant Sahai
Hemant Sahai
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Introduction:

The Cabinet ministers of the Indian Government on 17 July 2019 said it would again amend the Insolvency and Bankruptcy Code, 2016 (Code), a signature reform of Prime Minister Narendra Modi's first term. 

The legislation was getting mired in frustrating legal delays and bizarre judgments, threatening to scare off global investors from a $200-billion-plus bad-debt clean-up. The proposed amendments are aimed to fill critical gaps in the corporate insolvency resolution process and will explicitly hand power over distribution of proceeds to creditors' committees. That should return some common sense to a process that would have required financial creditors to share the money from any new buyer of a bankrupt business equally with sundry suppliers and other unsecured lenders.

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