INSOLVENCY AND BANKRUPTCY CODE, 2016

The Insolvency and Bankruptcy Code, 2016 introduces a transformative approach to resolving financial distress among corporate entities, partnership firms, and individuals. It unifies existing insolvency laws and emphasizes a creditor-in-possession model, ensuring a timely resolution process. The Code establishes a framework for quickly addressing financial challenges, with a clear pathway to liquidation or bankruptcy if resolution efforts fail. This shift enhances the efficiency and effectiveness of insolvency proceedings in India.