Insolvency and Bankruptcy Code, 2016: A Paradigm Shift within Insolvency Laws in India
delivery and availability in India in light of the changes brought about by the Insolvency and Bankruptcy Code, 2016. The introduction of the Code is purported to resolve the issues within the credit ecosystem by identifying correctly all the stakeholders, most importantly the creditors and the debt...
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| Format: | Article |
| Language: | English |
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CBS Open Journals
2019-02-01
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| Series: | The Copenhagen Journal of Asian Studies |
| Subjects: | |
| Online Access: | https://rauli.cbs.dk/index.php/cjas/article/view/5650 |
| _version_ | 1797988741677056000 |
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| author | ANKEETA GUPTA |
| author_facet | ANKEETA GUPTA |
| author_sort | ANKEETA GUPTA |
| collection | DOAJ |
| description | delivery and availability in India in light of the changes brought about by the Insolvency and Bankruptcy Code, 2016. The introduction of the Code is purported to resolve the issues within the credit ecosystem by identifying correctly all the stakeholders, most importantly the creditors and the debtors, resolving and settling non-performing assets, creating a robust mechanism for settling credit-related disputes, reducing creditor distrust and ensuring continuance of functioning of companies rather than being wound up for non-payment of debts.
While the Code promises to be a game changer, there exist various challenges that need to be addressed as the success of the Code is dependent on the manner in which its provisions are implemented, especially those pertaining to the strict timelines with parties seeking excessive discretionary indulgence from the adjudicatory authorities. Further, the challenges include impact of differential treatment meted out to the creditors, the committee of creditors being ordained with considerable powers over the fate of the corporate debtor, and the insolvency professionals being allowed to run the entities without much accountability and capability has resulted in an increased number of disputes. The legal, logical and procedural hurdles thus mentioned will need to be addressed in the most amicable manner within the foreseeable future. |
| first_indexed | 2024-04-11T08:08:55Z |
| format | Article |
| id | doaj.art-22d8de53695f4f12a49d19e3eb1fc7da |
| institution | Directory Open Access Journal |
| issn | 2246-2163 |
| language | English |
| last_indexed | 2024-04-11T08:08:55Z |
| publishDate | 2019-02-01 |
| publisher | CBS Open Journals |
| record_format | Article |
| series | The Copenhagen Journal of Asian Studies |
| spelling | doaj.art-22d8de53695f4f12a49d19e3eb1fc7da2022-12-22T04:35:26ZengCBS Open JournalsThe Copenhagen Journal of Asian Studies2246-21632019-02-0136210.22439/cjas.v36i2.5650Insolvency and Bankruptcy Code, 2016: A Paradigm Shift within Insolvency Laws in IndiaANKEETA GUPTAdelivery and availability in India in light of the changes brought about by the Insolvency and Bankruptcy Code, 2016. The introduction of the Code is purported to resolve the issues within the credit ecosystem by identifying correctly all the stakeholders, most importantly the creditors and the debtors, resolving and settling non-performing assets, creating a robust mechanism for settling credit-related disputes, reducing creditor distrust and ensuring continuance of functioning of companies rather than being wound up for non-payment of debts. While the Code promises to be a game changer, there exist various challenges that need to be addressed as the success of the Code is dependent on the manner in which its provisions are implemented, especially those pertaining to the strict timelines with parties seeking excessive discretionary indulgence from the adjudicatory authorities. Further, the challenges include impact of differential treatment meted out to the creditors, the committee of creditors being ordained with considerable powers over the fate of the corporate debtor, and the insolvency professionals being allowed to run the entities without much accountability and capability has resulted in an increased number of disputes. The legal, logical and procedural hurdles thus mentioned will need to be addressed in the most amicable manner within the foreseeable future.https://rauli.cbs.dk/index.php/cjas/article/view/5650insolvencybankruptcysick companiesinsolvency professionalsinformation utilitiescommittee of creditors |
| spellingShingle | ANKEETA GUPTA Insolvency and Bankruptcy Code, 2016: A Paradigm Shift within Insolvency Laws in India The Copenhagen Journal of Asian Studies insolvency bankruptcy sick companies insolvency professionals information utilities committee of creditors |
| title | Insolvency and Bankruptcy Code, 2016: A Paradigm Shift within Insolvency Laws in India |
| title_full | Insolvency and Bankruptcy Code, 2016: A Paradigm Shift within Insolvency Laws in India |
| title_fullStr | Insolvency and Bankruptcy Code, 2016: A Paradigm Shift within Insolvency Laws in India |
| title_full_unstemmed | Insolvency and Bankruptcy Code, 2016: A Paradigm Shift within Insolvency Laws in India |
| title_short | Insolvency and Bankruptcy Code, 2016: A Paradigm Shift within Insolvency Laws in India |
| title_sort | insolvency and bankruptcy code 2016 a paradigm shift within insolvency laws in india |
| topic | insolvency bankruptcy sick companies insolvency professionals information utilities committee of creditors |
| url | https://rauli.cbs.dk/index.php/cjas/article/view/5650 |
| work_keys_str_mv | AT ankeetagupta insolvencyandbankruptcycode2016aparadigmshiftwithininsolvencylawsinindia |