Introduction
The Insolvency and Bankruptcy Code 2016 (IBC) was enacted with a view to consolidate and amend the laws governing insolvency and reorganization of private companies, partnership firms and individuals in a time bound manner. The IBC sought to replace the void left by the Sick Industrial Companies Act 1985 (repealed in 2003) which was the sole legislation aimed at detecting ailing companies and providing remedial measures for their revival or amelioration. Additionally, the IBC also replaced the erstwhile regime under the Companies Act 2013 of winding up of companies arising out of default in repayment of debt.
The IBC has emerged as one of the most utilised legislations for resolution and recovery of debts. As per the Econom…
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