The year 2018 also witnessed major changes in the field of Insolvency and Bankruptcy Code(IBC).
While the year 2017 witnessed SC explaining the basic concepts of the nascent legislation, the year 2018 saw SC addressing more complex issues in relation to it.
The significant decisions of 2017 wereInnoventive Industries v ICICI LtdandMobilox Innovations Pvt Ltd v Kirusa Software Ltd.
Innoventive Industriesexplained IBCs objective and the procedure for initiating Corporate Insolvency Resolution Process(CIRP).The judgment also threw light on the concepts of financial debtor , operational debtor, dispute etc under IBC.Mobiloxdecision rendered clarity to the concept of dispute in relation to operational creditor. It was held that in case of an ope…
Read the full article at: https://www.livelaw.in/insolvency-bankruptcy-code-2018-annual-round-up/