Manoj K Singh
The Insolvency and Bankruptcy Code (IBC), 2016, has been enacted to reorganise and provide for the insolvency resolution of corporate persons, partnership firms and individuals in a time bound manner inter alia for maximisation of value of assets.
The Corporate Debtors, Operational Creditors, Financial Creditors, Insolvency Professionals and other persons involved in the process of corporate insolvency resolution process have expressed concerns over various grey areas in the IBC. The ambiguities in relation to the Code need to be addressed as it will give more clarity to the objective behind enactment of the Code.
Some of the grey areas of the code are as below:
Position of property buyers
The position of th…
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