The Insolvency and Bankruptcy Code, 2016 (IBC) is a landmark legislation that aims to provide a speedy and efficient resolution of Insolvency and Bankruptcy cases in India. The IBC empowers the National Company Law Tribunal (NCLT) to admit and adjudicate applications for initiating Corporate Insolvency Resolution Process (CIRP) against defaulting companies. The IBC’s primary goal is to establish a time-bound and efficient mechanism for resolving Insolvency and Bankruptcy in a transparent manner. IBC seeks to encourage entrepreneurship, maximise the value of the Corporate Debtor’s assets, increase credit availability, and balance the interests of all stakeholders.
However, in the process of achieving these goals, the IBC may have certai…
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