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Overview
1.1 Where would you place your jurisdiction on the spectrum of debtor- to creditor-friendly jurisdictions?
In India, the principal statute dealing with Insolvency and Bankruptcy proceedings is the Insolvency and Bankruptcy Code, 2016 (“Code”). The Code provides for a creditor in a control regime where the financial creditors of a company undergoing the rescue process, which under the Code is called the Corporate Insolvency Resolution Process (“CIRP”), from a committee of creditors (“CoC”). As per the Code, the CoC has the power to drive the CIRP of the company. The debtors have a limited role that includes assisting the resolution professional and participating…