Insolvency and Bankruptcy Code, 2016 is a comprehensive law that consolidates into its manifold both the consequential aspects of an economic collapse of a debtor rehabilitation and liquidation. The principal objective of the law is to restructure and resolve insolvency of corporate persons, partnership firms and individuals promptly for leveraging the maximum value of assets of such persons. While proceeding therewith to also promote the entrepreneurship as well as accessibility to credit.
The Code also aims at not losing sight of the interests of all the stakeholders including alteration in the order of priority of payment of Government dues. This is a phenomenal economic law and public policy reform of the last decade. Undoubtedly, …
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