Insolvency and Bankruptcy (Corporate & Individual)

The law related to insolvency was firstly introduced by way of the Provincial Insolvency Act, 1920, which has slightly narrow approach and required more efficiency looking to the change market conditions and development of banking and business sector in India. Hence by introducing the Insolvency & Bankruptcy Code 2016, the intention of the legislature is to consolidate and amend the laws relating to private organizations, corporate persons, partnership firms and individual.

The Insolvency and Bankruptcy Code, 2016, is a landmark piece of legislation establishing a robust legal framework which brings about a much overdue reform that is aimed at creating necessary procedures for swift resolution of insolvency and bankruptcy in India. It attempts at bringing the Indian statutory regime at par with some of the most legally advanced jurisdictions of the world.

The Code has been conceptualized to consolidate the laws relating to insolvency, reorganization and liquidation/bankruptcy of all persons, including companies, individuals, partnership firms and Limited Liability Partnerships (LLPs) under one statutory umbrella and amending relevant laws. Further time-bound resolution of defaults and seamless implementation of liquidation/bankruptcy and maximizing asset value and to encourage resolution as means of first resort for recovery. And also creating infrastructure which can eradicate inefficiencies involved in bankruptcy process by introducing National Company Law Tribunal (NCLT), Insolvency Resolution Professional Agencies (IPAS), Insolvency Professionals (IPs) and Information Utilities (TUS).

In India the Law is codified, which not only help us to understand its procedure & technicalities, but also provides fair and transparent opportunity to contest. Though the law is very vast but to give a brief idea the relevant and important legislations, related to the subject, are :-


Securitization & Debt Recovery Laws

The law of securitization is an amalgam of several sophisticated concepts and is simultaneously averse to several other equally sophisticated concepts, but the concept excluded are as litigious as these included. The concepts excluded, when treated to the tentacles of the scope and applicability of Act, become prone to bear considerable case-law.

The contract between banking companies, financial institutions and private parties, in same respect has been superseded by the statutory provisions or governed by the statutory provisions relating to recovery of debt and bar of jurisdiction of the civil court to entertain any disputes in respect of such matter.

The SRFAESI Act creates statutory obligation upon a certain class of secured creditors, to exercise the power of creation of enforcement of security interest in a particular manner.

In India the Law is codified, which not only help us to understand its procedure & technicalities, but also provides fair and transparent opportunity to contest. Though the law is very vast but to give a brief idea the relevant and important legislations, related to the subject, are :-

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