Bankruptcy Regime: Understanding the Concept and Analyzing the Problems through History

Bankruptcy Laws in India are in very novice stage. The laws have been enacted but has not been implemented so far. Insolvency and bankruptcy code has been a game changer in terms of stressed corporates while the stressed partnership firms or the individuals who have in extraordinary circumstances lost their businesses had been struggling from the harshness of organized or unorganized financial sector. This article will through some light on the historical legal regime of bankruptcy and the need for a change of law in changing times. The article will give a referring point to the reader in the context of the evolution of the legal regime in India.