INTRODUCTION:
The Insolvency and Bankruptcy Code, 2016
('Code') was enacted by the Parliament
with the aim to provide and revamp the framework for insolvency
resolution in India in a time bound manner and for the promotion of
entrepreneurship, credit availability and balancing of different
interests of each and every stakeholder of a Company.
The Code has been amended time to time since its enactment to
remove bottlenecks and to streamline the Corporate Insolvency
Resolution Process ("CIRP") under the
Code. In December, 2019, the legislature introduced "The
Insolvency and Bankruptcy Code (Amendment) Bill, 2019, however, the
same could not be passed during the then parliament session and was
implemented by way of an ordinance w.e.f. 28.12.2019. In 2020, the
parliament passed the Insolvency and Bankruptcy Code (Amendment)
Act, 2020 [No. 1 of 2020] ('Amendment
Act') and it received President's assent on March
13, 2020. As per Section 1 (2) of the Amendment Act, the
