How The Introduction Of Insolvency And Banking Code, 2016 Brought Changes To Insolvency Law?

Written by: Phurpa Dorjee Sona, B.A.LL.B (4^th Year ) , School of Law, Lovely Professional University

Abstract

The IBC, 2016 is a complete overhaul of the earlier non-existing proper laws for Insolvency in India. Before the IBC, 2016 Insolvency process in India required a lot of different processes to be completed making it an overcomplicated process. The introduction of IBC has made it easier for Corporate Creditor to recollect the money they had invested without actually going through a process which required a lot of distinct aspects that needed to be completed. This research paper shall tell us how the Introduction of IBC, 2016 has helped the Banking laws in India. We shall look at how the Indian Insolvency laws were before the introduction of IBC, 2016. Using doctrinal analysis and data from the Insolvency and Bankruptcy Board of India (IBBI), regulator reports and independent studies, the paper concludes that IBC has materially improved resolution outcomes and creditor recoveries while highlighting operational, procedural and policy gaps that persist.

Keywords: IBC, 2016, insolvency, liquidation, stakeholder, debtor, creditors, banking

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Volume 2 | Issue 1