Insolvency And Bankruptcy Code, 2016

Key Highlights

1. Overview

1.1 Where would you place your jurisdiction on the spectrum of debtor to creditor-friendly jurisdictions?

The present legal framework in India to deal with the Insolvency and Bankruptcy situation is legislated in the provisions of the Insolvency and Bankruptcy Code, 2016 (IBC, 2016 or the Code).

The provisions of the Code are focused on a 'Creditor in Possession' regime wherein from the admission of the application by the Adjudicating Authority (AA) until the time a resolution plan is sanctioned by the AA, the creditors of the Corporate Debtor, through their appointed Resolution Professional (RP), remain in custody and control of the assets of the Corporate Debtor.