The insolvency laws in India have quite the complicated history to say the least. However, with the advent of the code, there have been unprecedented changes in the landscape of insolvency laws in India, most importantly the inclusion of the concept of ‘corporate insolvency resolution process’ and this is exactly what this article intends to shed some light on.
Departure from the laws existing prior to the code
The Companies Act, 1913 spoke about winding up in a voluntary manner, by court and under the supervision of a court.
In the 1956 Act, the provision relating to ‘by court’ was substituted for the phrase ‘by the Tribunal’ and the phrase ‘under the supervision of the court’ was omitted altogether, by the 2002 Amendment Act.
Th…
Read the full article at: http://www.businesstoday.in/opinion/columns/insolvency-and-bankruptcy-code-2016-advent-era-of-ambiguity/story/265848.html