Shortcomings under the Insolvency and Bankruptcy Code, 2016
The 2016 Code is a significant step toward providing overarching legislation for the rules connected to Insolvency Laws in India. The 2016 Code aim is to increase foreign direct investment in India by raising the country's rating and score on the Ease of Doing Business Index. It ensures a mechanism that is restricted by time and is also economical for a system of recovering debts. The Corporate Insolvency Resolution Process is a paradigm for insolvency resolution under the control of creditors. The Code provides relief to the creditors but also keeps in mind the interest of the company as well. Despite India's severe infrastructure crises, it seeks to build institutions like the NCLT, NCLAT, and the Insolvency and Bankruptcy Board of India. The Insolvency and Bankruptcy Code has endured several amendments and the landmark judicial pronouncements to make it more efficient and effective.
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