Not just banks, your unpaid supplier of goods or services can now initiate bankruptcy proceedings – Economic Times

Indian banks are saddled with bad debt and as the banking industry goes about recovering about Rs 8 lakh crore in doubtful loans, the new Insolvency and Bankruptcy Code is expected to provide the much needed teeth to the financial institutions. Aspects like a time bound recovery period for corporates, simpler ways for creditors to initiate bankruptcy proceedings means there would noticeable impact on companies, including startups. In a conversation with ET.com, Manoj K Singh the Founding Partner of Singh & Associates, talks about the impact of the Code and what it means for creditors and businesses.

Economic Times (ET): It has been in the works for some time now, but what is the amended Insolvency and Bankruptcy Code, 2016?
Manoj K…