The Insolvency and Bankruptcy Code Bill 2015 can be important for your upcoming exams. It was introduced by Union Finance Minster Arun Jaitley in the Lok Sabha in December 2015. In this article, we will take a thorough look at this bill, its significance, advantages and disadvantages, and its impact on the nature of corporate governance in India.
Background:
As per recent World Bank data, India ranks an abysmal 136 of the 189 countries in terms of fast and efficient resolution of insolvencies, with creditors having limited power in case of default by a company. If passed, the bill could significantly impact corporate governance in India and grant more authority to creditors to ensure faster resolution of bad loans – a major issue ailing…
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