Introduction
The Insolvency and Bankruptcy Code, 2016 (Code) has been introduced with the primary objective of increasing lenders confidence and facilitating expansion of the credit market in India. As stated in the objects clause, the objective of this new law is to promote entrepreneurship, availability of credit, and balance the interests of all stakeholders by consolidating and amending the laws relating to reorganization and insolvency resolution of corporate persons, partnership firms and individuals in a time bound manner and for maximization of value of assets of such persons and matters connected therewith or incidental thereto.
While the primary objective of the Code has been clarified by the Government, the Code also parallely c…
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