Efficient Corporate Governance in the Aftermath of Corporate Insolvency Resolution Process

The Indian Insolvency regime had seen a major setback since 2016 when the IBC – Insolvency and Bankruptcy Code was brought into. This can be called one of the biggest reforms in the history of the Indian insolvency regime. This Code has been passed by both the Houses of Parliament under the suggestive measures of a joint committee of the Parliament. For clearing and improving the credit markets, the government has taken this huge step. The Insolvency and Bankruptcy Code, 2016 is a combination of all the insolvency laws, though these laws have been changed from the already existing laws, which are very scattered. The uniqueness of this Code comes from the Corporate Insolvency Resolution Process because it keeps in mind the time management and no interference by the court, which was missing earlier. The legislation of this Code is historical in itself. The present paper is intended to analyze the corporate insolvency resolution process. The paper aims to give a brief overview of the main issues in this area. The paper tries to examine the gaps in the current system. The paper includes all the stages that are involved in the insolvency resolution process. The author also tries to figure out the recent judicial pronouncements that involve the insolvency process. The objective of this paper is to critically analyze the current legislation and to give some recommendations in this regard.