Shalmoli Ghosh, Amity University, Kolkata
Introduction
With the advent of The Insolvency and Bankruptcy Code, 2016 (Hereinafter referred to as IBC or the Code), the Insolvency Regime witnessed a revolutionary change. IBC subsumed all the existing statutes related to insolvency and bankruptcy for instance, The Sick Industrial Companies Act, 1985 (SICA), The Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI Act), The Recovery of Debts Due to Banks and Financial Institutions Act, 1993 (RDBFI Act) etc. because they were highly criticized of being debtor centric and time consuming. The code was enacted to provide a single legal framework to deal with all the aspects of insolvency and bankruptcy and protect the interests of all the stakeholders by maximizing the of value of assets in a time bound manner.
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