In India, there was a need to enact a single statute encompassing provisions to resolve insolvency for companies, limited liability partnerships, partnership firms and individuals. In light of the same, the Insolvency & Bankruptcy Code, 2016 (Code) was passed and notified in the Gazette of India on 28 May 2016 thereby consolidating all of the insolvency laws pertaining to companies, limited liability partnerships, partnership firms and individuals. Under the Code, through a creditor driven process, distressed companies were given a chance to resolve themselves by utilising the Corporate Insolvency Resolution Process (CIRP) provided in the Code.
Initially, in the Code there were general provisions for initiation of the CIRP proceedings of…
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