ISSN 2581-5369
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Evolution of the Insolvency and Bankruptcy Code (IBC) in India
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Malik Zain Ul Abudin
Student at University Institute of Legal Studies, Chandigarh university, Gharuan, Mohali, Punjab, India
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Aijaz Afzal lone
Assistant Professor at University Institute of Legal Studies, Chandigarh university, Gharuan, Mohali, Punjab, India
Abstract
The work offers a thorough examination of the development and use of India's Insolvency and Bankruptcy Code (IBC). It outlines the main difficulties the prior disjointed insolvency framework faced as well as the justification for the IBC's implementation. There is a thorough discussion of the goals, characteristics, and several changes made to the IBC over the years. The report looks at the effects of the IBC's implementation, such as how it has affected the number of non-performing assets, the rights of creditors, the prompt resolution of distressed assets, and the ease of doing business in India. The report also explores the attempts to connect the IBC with the UNCITRAL Model Law by incorporating a cross-border insolvency framework, as well as the anticipated advantages and difficulties of doing so.
Type
Research Paper
Information
International Journal of Law Management and Humanities, Volume 7, Issue 6, Page 371 - 388
DOI: https://doij.org/10.10000/IJLMH.118534Creative Commons
This is an Open Access article, distributed under the terms of the Creative Commons Attribution -NonCommercial 4.0 International (CC BY-NC 4.0) (https://creativecommons.org/licenses/by-nc/4.0/), which permits remixing, adapting, and building upon the work for non-commercial use, provided the original work is properly cited.
Copyright
Copyright © IJLMH 2021