Asjad Hashmy, School of Law, Christ University
ABSTRACT
The New Insolvency process in India essentially embraced rehabilitation, revival, recovery, and winding up. Therefore, the procedure is to be viewed in a holistic mode keeping all these features in mind. Before 2016, India’s insolvency laws were highly fragmented among the Provincial Insolvency Act, 1920, the Companies Act, and the Sick Industrial Companies Act. The need for a comprehensive law encapsulating the entire insolvency regime was deeply felt; hence the enactment of a unified insolvency code was a welcomed step. The landmark Insolvency & Bankruptcy Code (IBC or Code) was unique and new to the Indian legal system. It is thus not surprising that significant issues have arisen during its journey in the last couple of years. This paper will discuss the significant challenges facing the insolvency regime in India through an analysis starting from the root of the issues, tracing the step-by-step progress made to resolve them until now.
Keywords: Bankruptcy, Insolvency, Provincial, Rehabilitation, Recovery
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