Insolvency and Bankruptcy Code: Inception and Breakthrough

Bad debt had been increasing at a very fast pace so the Government of India came with the idea of Insolvency and Bankruptcy Code (IBC) 2016. This article deals with how the Insolvency and Bankruptcy Code(IBC) 2016 came in to existence; Board established to manage the working of IBC; how the situation were before the commencement of IBC; this article chronicles the laws that were in existence prior to the IBC. Voluntary Liquidation Process (One of the important aspects of IBC); then comes the Amendment 2022. This article delectably presents the Judgements related to the IBC Code. Then the article is concluded with the importance, drawbacks and way forward.