New Delhi: The government is proposing to make changes to Indias six-year-old Insolvency and Bankruptcy Code (IBC). Mint examines the relevance of the game-changing reform to the economy, and why the changes are necessary now.
What was the intent behind framing IBC?
The IBC, which was enacted in 2016, came at a time of mounting debt defaults. The intent was to overhaul the corporate distress resolution regime in the country. It focuses on resolving the insolvency of corporations, individuals and partnerships in a timely manner. It was introduced with the objective of simplifying insolvency and bankruptcy proceedings, protecting the interests of all stakeholders the company, employees, debtors, and especially, creditorsand for timel…
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