The Insolvency and Bankruptcy Code, 2016 has been in news since its inception due to the innovative and time-bound resolution framework. The Code intends to provide an efficient resolution to the menace of outstanding debts by the corporates and other persons due to the banks and other institutions. The intention is essentially to clean up the system and thereby providing a boost to the economy.
Since its admission of the first case under the Code — the Innovative Industries matter — there have been many cases presented under the IBC dealing with various legal aspects of the Code. The Code, being a recent legislation, is at an evolving stage and one can observe that with almost with every other case, several concepts of the Code have be…
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