Insolvency & Bankruptcy Law

Insolvency & Bankruptcy Law: India's Insolvency and Bankruptcy Code (IBC), introduced in 2016, marked a transformative shift in the country's approach to financial distress and insolvency resolution. Designed to consolidate and amend the fragmented framework, IBC aims to promote entrepreneurship, maximize the value of assets, and balance the interests of all stakeholders. The National Company Law Tribunal (NCLT) and the National Company Law Appellate Tribunal (NCLAT) serve as the primary adjudicating authorities for corporate insolvencies. IBC emphasizes a time-bound process, generally aiming to resolve insolvencies within 180 days, with a potential extension up to 270 days. A specialized cadre of licensed professionals manages the resolution process, ensuring efficiency and expertise. The IBC, through its robust and streamlined process, aspires to boost investor confidence, ensure quicker resolution of distressed assets, and drive India's economic growth by balancing the interests of stakeholders.