Abstract
The Insolvency and Bankruptcy Code, 2016 (IBC) has been one of the most ground-breaking laws enacted in the country in recent times. It has already subsumed the existing Sick Industrial Companies Act (SICA), revamped the Debt Recovery Tribunals (DRT) and has emerged as a major legislation. Consequent to the implementation of IBC, there has been a paradigm shift in the debt-recovery scenario in India. Encompassing all companies, partnership firms and individuals, the code offers uniform, comprehensive insolvency legislation along with coherent and consistent provisions for the stakeholders affected by inability to pay debt or business failure. Unlike the time-consuming and never-ending process that used to be prevalent earlier, the code aims to attain time-bound and effective bankruptcy resolution. Now, the Insolvency and Bankruptcy Board of India (IBBI) has taken a pivotal role. This chapter analyses the IBC’s effectiveness in handling the situation that it was created for.
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Notes
- 1.
In this paper the currency quotations in INR to be converted in international standards according to following pattern:
Indian quotation
Amount
International quotation
1 lakh
100,000.00
100 thousands
10 lakhs
1,000,000.00
1 million
1 crore
10,000,000.00
10 million
10 crores
100,000,000.00
100 million
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Acknowledgements
The authors are grateful to anonymous referees of the journal for their extremely useful suggestions for improving the quality of the paper. The usual disclaimers apply.
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Tandon, D., Tandon, N. (2019). Drifts in Banking Business and Deepening Losses Amidst the Insolvency and Bankruptcy Code, 2016. In: Rajagopal, Behl, R. (eds) Business Governance and Society. Palgrave Macmillan, Cham. https://doi.org/10.1007/978-3-319-94613-9_9
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DOI: https://doi.org/10.1007/978-3-319-94613-9_9
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