Restructuring & Insolvency Comparative Guide

1 Legal framework

1.1 What domestic legislation governs restructuring and insolvency matters in your jurisdiction?

Insolvency and restructuring matters are primarily regulated by the Insolvency and Bankruptcy Code, 2016, which came into force on 1 December 2016. The Insolvency and Bankruptcy Code governs insolvency and liquidation proceedings for all limited liability entities, except financial services entities (eg, banks, insurers and pension funds). The code also governs insolvency and bankruptcy proceedings for individuals and partnerships; however, these provisions have not yet been notified. The government recently notified certain provisions of the code relating to personal guarantors of corporate debtors, which came into effect on 1 December 2019.