The advent of the Insolvency and Bankruptcy Code, 2016 (IBC), was a significant development to tackle the non-performing asset problem in India. Bad loans at public sector banks stood at INR2.67 trillion (USD30.4 billion) with a gross non-performing asset ratio of 5.43% at the end of March 2015. It is in these circumstances that India’s parliament enacted the IBC, which came into force (provisions related to corporate insolvency) on 1 December 2016. A key issue discussed by the Bankruptcy Law Review Committee (BLRC) was the role of the resolution professional in identifying and reversing fraudulent transactions. It was proposed that the insolvency resolution professional (IRP) should file cases for reversing such…
Insolvency Guardian
Insolvency Services & Bankruptcy Advice
