Indias Insolvency and Bankruptcy Code has been operational for more than a year but how does it stand up to critical analysis? Shardul S Shroff offers an assessment
In May 2016, India enacted the Insolvency and Bankruptcy Code, 2016 as a major legal reform. The code is not fully effective. The sections of the code that deal with insolvency of companies were notified on 1 December 2016, but the sections of the code that deal with the bankruptcy of individuals are yet to be made effective.
One year is not adequate time to examine the efficacy of a legislation. Nevertheless, the past year has been eventful, specifically because:
- The banks suffering from a huge cache of non-performing assets did not initiate proceedings on their…
Read the full article at: https://www.vantageasia.com/analyzing-the-code/
